Last week we posted about costly business insurance claims – and the risk your business is taking if you don’t have the right business insurance. Now let’s take a look at some things you can do to help minimize the risk of loss from those most common and most costly small business insurance claims:

BURGLARY AND THEFT

  • Invest in recruiting and hiring quality people, and follow-up with quality training
  • Invest in background checks for all people that you hire
  • Install security cameras both inside and outside of your company’s business
  • Invest in cyber security programs to protect customer personal data and proprietary information
  • Install fencing and gates around your parking lot and building
  • Install controlled access devices such as badge locks for access into your building

REPUTATIONAL HARM

  • Avoid copyright violations
  • Implement a solid internet and social media usage policy for all of your employees and enforce it strictly
  • Monitor and respond to online threats and complaints
  • Avoid making criticisms of your competitors
  • Thoroughly train all employees on how to handle suspicious situations, escalated interactions, and how to treat customers

WATER AND FREEZING DAMAGE

  • Perform routine maintenance of your company’s building
  • Store valuables including documents and photos in a safe place
  • Have an evacuation plan in place
  • Keep the heat on during extremely cold weather, even at night and when away
  • Clear roofs of excessive snow and ice
  • Have employees who know how to shut off the water valves in case of an emergency

WIND AND HAIL DAMAGE

  • Keep trees well landscaped and clear broken limbs
  • Conduct a regular inspection of your company’s building and grounds and move any items indoors that could become projectiles in high winds
  • Anchor outdoor equipment that cannot be moved inside but could still be moved by high winds
  • Upgrade your building with repairs to the roof, windows, and doors

FIRE

  • Install a quality fire detector and code compliant sprinkler system throughout your property and building
  • Conduct fire safety classes for all of your employees and have an emergency evacuation plan that is understood and practiced
  • Have the fire evacuation routes clearly marked throughout your building
  • Test and maintain all fire safety equipment
  • Clear your building and property of any fire hazards that are unnecessary to business

CUSTOMER SLIP AND FALL

  • Consider using a professional janitorial or commercial cleaning business
  • Install bright lighting throughout your company’s building
  • Have a maintenance request program in place
  • Consider any potential hazards for your flooring – for carpet check for and tears or bumps in the carpet and for tile or hardwood check regularly for spills and drips
  • Establish a plan for severe weather hazards

OTHER TYPES OF CUSTOMER INJURY AND DAMAGE

  • Regularly check your building for hazardous conditions
  • Thoroughly train employees on how to handle a customer accident
  • Carry a fully comprehensive general liability insurance coverage policy

PRODUCT LIABILITY

  • Have a product inspection policy in place to thoroughly inspect products before they become available for sale
  • Test products for customer safety
  • Frequently review products for hazardous concerns
  • Carefully review all advertising to ensure there are no misleading claims about a product

STRUCK BY OBJECT

  • Make safety the main priority in your workplace – make sure all employees have comprehensive safety training
  • Supply all of your employees with necessary safety equipment and make sure it is being used appropriately
  • Make sure you are compliant with OSHA standards

VEHICLE ACCIDENT

  • Screen driving history reports of all employees who will be driving for business purposes
  • Provide training to all employees who will be driving for business purposes for safe driving and require those employees to abide by certain safety rules
  • Never offer driver incentives for fast deliveries
  • Consider installing a tracking device that can record driver distances and speeds or posting a phone number on the company vehicle that other motorists can use to call and report concerning driving trends
Posted 11:30 PM

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