How to Reduce Risk for Your Business

Every business venture has one thing in common: risk. Markets can change, trends can move in different directions, and technological innovation can force your business model to go from solid to so-so. When all is said and done, business owners and leadership must be prepared for risks in a variety of sectors. Comprehensive insurance coverage is a major risk reducer, but here are other ways you can reduce your risk so that insurance claims don’t happen in the first place.

Employee Safety Training

One significant cause of accidents is inadequate employee adherence to rules, regulations, and standard business and safety practices. Employee training can serve to ensure that beverages are handled carefully, spills are cleaned up quickly, and complaints or issues are promptly addressed so any potential issue does not become a true liability.

Robust Data Protection Assets

From online transactions to data-driven payment platforms, there is very little done without the use of customer data. Data is the lifeblood of every modern business. Hacking and data breaches have plagued even the largest corporations with information technology departments dedicated to this issue full-time. Ensuring your business has the most up-to-date hardware and software will help stop potential data breaches.

Cybersecurity Training

Even the best hardware and software cannot prevent cybercrimes from impacting a business if an employee makes a crucial mistake. Consistent and up-to-date cybersecurity training will help head off any attempts cybercriminals make to infiltrate your network. Teaching employees which emails are legitimate, how to avoid scam websites, and not to respond to unsolicited phone calls claiming to be from “customer support” will help mitigate the risk of falling victim to cybercrime.

Improve Security and Emergency Response Plans and Equipment

No business wants to suffer theft or accident, but there is a marked difference in results when businesses prepare before these events occur. Preventing theft or a worse crime begins by ensuring you have proper safeguards on doors and windows in addition to a monitoring alarm system. Becoming a business member of a Crime Watch or chipping in with others close by to have private security patrol the surrounding area may help reduce the risk of crime. In the case of emergencies, such as fire, proper sprinkler installation in addition to employee training can help reduce the damage incurred by your business, both to property and humans.

Review Your Coverage and Covered Employees

Sometimes accidents are inevitable, but one of the most costly mistakes an employer can make is not realizing a particular employee or category of employees is outside of their insurance coverage.

Business owners should regularly review their insurance policies to ensure that all relevant staff are covered, especially in high-turnover industries, so if an employee must take an action such as throwing out bad stock or breaking glass to provide ventilation in an emergency, it is not fatal to the business.

We can provide additional input and help you choose the right policies to keep your company properly protected.