Attn small business owners: we want to wish you a very happy Mom and Pop Business Owners Day!

This observance occurs every March, and is a great opportunity for your communities (and your customers!) to show you their appreciation. And it’s a great opportunity for us to focus on you, with some important reminders to help your business maximize success.

• Are you aware that an estimated 25% of businesses do not re-open in the wake of a disaster? If you don’t have business interruption insurance, you are exposing your business to a dreadful fate. Whether you need to operate temporarily from other facilities, establish a new supply chain, or keep up with payroll while revenue is temporarily halted, this type of insurance could be a literal life-saver for your business.
• Disasters can happen just about anywhere, at any time—but you are probably aware of the vulnerabilities specific to your region. Have you prepared your business premises for that type of incident? For instance, have you taken steps to fire-proof a business that’s located in wildfire territory? If earthquakes are common where you operate, have you braced shelving to help withstand a tremor? The time to prepare is now—before disaster strikes.
• Of course, every business owner strives to hire loyal, dedicated employees—but that desire can be heightened in a small business, where team-members are fewer and team bonds can be stronger. So it's dismaying to realize that 75% of employees admit to having stolen from an employer. And small business can be even more vulnerable to employee dishonesty, because team-members (including the owners) may wear a lot of hats, and it can be easy to overlook the warning signs of embezzlement or vendor fraud. Make sure you vet your employees thoroughly before hiring; you establish checks and balances to make it more difficult for employees to steal from your business; and protect yourself with crime insurance or a fidelity bond.
• Likewise, it can be easy for small business owners to dismiss cyber risks, because they believe their company is too small to interest cyber criminals. But the fact is, more than 40% of cyber attacks specifically target small businesses. Do not make the mistake of believing your company is immune to cyber attack: establish strong policies to help your team prevent computer viruses and evade phishing attacks; use strong passwords to protect your accounts; create a plan to help your business recover from a cyber attack; and make sure you have a strong cyber liability policy.

Small business is the backbone of the American economy—and it’s a wonderful way to serve the community and make a living. Take steps to ensure that your small business can make it for the long haul—and make sure you pat yourself on the back this Mom and Pop Business Owners Day!

 For more than 25 years, Beall Financial and Insurance Services, Inc., has been helping corporations and individuals protect their most important assets. The agency’s client base covers a spectrum of niche businesses, such as craft breweries, that require specialized insurance packages and knowledge. With California offices in Redlands and Newport Beach, Beall Financial and Insurance Services serves clients nationwide.