Business insurance is a vital component to ensuring your business remains operational when a loss occurs. In many situations, you simply cannot control what happens. There are unavoidable risks that every business faces. However, there are steps you can take to mitigate some of the risks and, in turn, help reduce the overall costs related to business insurance.
To minimize employee risks, focus on:
- Ensuring employees are using safety procedures for all necessary tasks.
- Create rules and procedures to reduce risks of injury.
- Follow all OSHA guidelines applicable to your company.
- Enforce employee safety procedures and penalize those who break protocol.
- Keep your work environment as risk-free as possible by working with your business insurance agent to minimize such risks.
Your vendors present risks to you as well. To avoid them:
- Work only with vendors that you are confident in and have verified as quality, experienced professionals with a solid reputation.
- Ensure vendors have all applicable business insurance to reduce your risks.
- Document all vendor activity thoroughly using names, times and dates.
- Keep your vendors as simple as possible. Source products from local providers whenever possible to reduce the number of people and businesses in the supply chain.
- Work hand-in-hand with your vendors to ensure they are taking steps to keep employees and customers safe.
Customers can fall and be hurt, or otherwise can create their own mistakes that you may be liable for in some way. Mitigate these risks by:
- Have a safety audit conducted that focuses on your customer’s risks.
- Ensure all customer areas of your business are as risk-free as possible.
- Put procedures in place to minimize the most common risks, such as slips and falls on wet floors.
- Ensure any product handled over to customers is inspected to ensure it is safe.
- Interact with customers filing claims quickly and get the details so you can make adjustments to prevent further mistakes.
Business insurance is one of the best ways for you to mitigate all of these risks. There is no way to prevent every situation from occurring. However, when you have ample liability insurance in place, you have a financial net to catch your business so you don’t have to shutter your doors. The key is to have ample coverage on an ongoing basis and to ensure you are doing everything you can to reduce these We’ve got you covered. Call ECI Insurance Agency at (405) 373-2977 for more information on Oklahoma City business insurance.