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Reduce your business risk… here’s how

Nov 07, 2018

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Administrators and managers in the private, public and nonprofit sectors all face different challenges, but some are similar. One thing they all share in common is that they all have assets and liabilities.

 

If you’re assigned risk management as part of your job duties, you will want to make sure that the company, agency or nonprofit is as safe as possible from things like lawsuits and workers compensation claims arising from on-the-job injuries.

 

Fortunately, there are strategies you can use to help mitigate those risks. It may seem daunting and intimidating, but is actually quite easy and based largely on common sense. ABI Insurance carries commercial insurance. Its team of highly trained and qualified professionals are fully equipped to help you manage risks and ensure that the entity you’re managing is protected and you’re covered in the event that anything happens.

 

Here are a few useful tips that can help with risk management.

 

Have a Detailed List and Understanding of Your Assets

What properties does your company, agency or nonprofit own? To what extent are they accessible to the public? Are there any environmental hazards present? What risks could be associated with them?

 

As a risk manager, these are all questions you will want to go over with your insurance agent. They can help you determine your risks and the best ways they can be minimized.

 

Form a Safety Committee

You will want to post an agenda in a break room so all employees can see it. Schedule regular meetings during business hours. The committee should include managers as well as rank and file employees.

 

The safety committee is a good venue for employees to bring up any potential workplace hazards and risks. Managers can use that input to address those issues before anything serious can occur.

You will also want to keep minutes of the meeting and keep those records. That way, if anything does happen, your insurance agent can use those records to help create an affirmative defense against any liability.

 

Schedule a Voluntary OSHA Inspection

It may initially seem counterintuitive, but there are many benefits to taking this approach.

 

OSHA officials offer consultations to entities that request them. Requesting an inspection will save you from surprise inspections, as OSHA can’t conduct them for a set period prior to when it occurs. A consultation allows OSHA officials to identify any potential issues and gives you time to correct them. OSHA also can’t conduct surprise inspections immediately after a consultation. However, it’s important that you take steps to solve any issues they do bring up.

 

Be Careful When Doing Involuntary Employee Terminations

These must be handled a particular way in order to avoid costly lawsuits. If done wrong, they put an entity at tremendous risk. But if done correctly, those potential liabilities can be avoided.

 

If in Doubt, Call Your Insurance Agent

The staff at ABI Insurance is more than happy to help answer any questions that may come up, to ensure that the entity you’re managing is covered and as protected against risk as possible.

 

ABI Insurance has additional loss control resources and hotlines for management liability issues. Ask your agent if you have an incident or potential situation developing so they can bring the best resources to bear on your behalf.



Category: Commercial

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