Managing Risk Within Your Business

 

Businesses of all sizes face a number of rules and regulations, especially when it comes to risk. That being said, keeping employees and customers safe from harm should be a top priority for business owners.

Risk management doesn’t have to be a concern, as long as businesses take the steps to avoid potential concerns. Here are a few tips that business owners can use to better protect their business:

Keep safety in the conversation

From the moment they are hired, make sure that your employees are well versed in work place safety. Talk to them regularly about their physical and even emotional safety. Hosting a safety focus group once a month with employees can even provide an opportunity to identify some of the more relevant risks within your workplace. The group can also offer feedback on new policies and strategize about ways to minimize potential harm.

While talking to employees about safety and risk can help you create a fair and respectful work environment, training them regularly can solidify the fact that certain rules and protocols should not be ignored. Be sure to provide informative training sessions that review relevant safety and behavioral standards.

Many training sessions are required by law, so make sure to look into the agency regulations that apply to your specific industry. You may also want to bring in a safety/risk professional, ensuring that your employees are provided with the necessary guidance and support.

Stay Covered

Even with regular discussion and training, your employees may still run into a hazardous situation on the job. If an employee does get injured, be sure that your business is covered. A workers’ compensation plan, for example, can help business owners avoid legal issues with an injured employee, while also supplying the employee with medical benefits and wage replacement.

While employees are important assets, there are many other aspects of a business that can be protected. Insurance solutions can come in the form of cyber liability, inland marine, commercial auto insurance, property insurance, and more. Depending on where your business is located, you may also want to look into specified insurances, such as flood and earthquake.

Partnering with an Outsourcing Partner

Outsourcing organizations, such as GIGA Solutions, can often arm business owners with a catalogue of diverse insurance solutions. Their reputation in the insurance industry provides them access to some of the top-rated insurance carriers that offer flexible solutions such as pay-as-you-go. They also help business owners navigate the complex underwriting process and costs that comes with insurance policies.

Certain outsourcing organizations can also supply insurance solutions for companies that are considered high-risk, including construction, roofing, trucking, landscaping, staffing, and restoration.

Staying covered is important for any business owner. From an injured employee to a natural disaster, your business is bound to face risk in some form. Business owners should take time to best understand the many regulations (federal, state, and local) that face their business, while also partnering with an outsourcing organization to gain professional expertise and access to quality insurance solutions.

Interested in learning more about risk management? The experts within our PEO and HR outsourcing Brokerage are ready to help! Contact us to get started.

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