Running a company comes with risks. Let’s look at how business owners can manage and shield themselves with insurance and other actions. This article explores what you should consider keeping your company safe.
Read: 5 Things All Small Businesses Must Have
Insurance
Insuring your trade against damage is essential. Several types of business protection are available to companies as insurance against occupational risks.
Property and Vehicles
Your assets, like buildings and vehicles, must be kept safe. Whether you’re renting or own offices, take out insurance to protect your space and its contents.
Consider risks like theft, damage, and fire. You should also take natural disasters like floods or earthquakes into account. You may need additional coverage if you live in an area where these might happen.
Employees
Workers’ compensation insurance covers disability and death benefits as well as medical treatment for your staff. The legal experts at https://diamondlaw.ca/ warn that thousands of injuries happen in the workplace every year, so it’s sensible to have this type of cover in place.
Should a traumatic event occur, you’ll need to offer support for more than just physical injuries. Consider the aftercare and check if your insurance includes counseling and ongoing care or rehabilitation.
Ensure that you know who’s liable to pay for injuries in the workplace. Depending on the nature of the incident, it could be covered under your workers’ compensation clause. You may also be able to get payment from a third party if you can prove negligence.
Business Interruption
When disaster strikes and you’re not able to go about your ‘business as usual,’ trade interruption insurance will cover income loss.
If your premises are damaged, and you’re not able to work or manufacture goods on-site, you’ll be able to claim for such losses during this period.
Take your business’s nature and your turnover into account to understand what you need to apply for to safeguard your income.
Security
To protect your buildings, property, and staff against harm, security is essential. Alarm systems and security cameras should ideally be in place.
It’s also vital to continually update and service this technology to ensure all is in good working order. All staff must be trained on safety protocols and know what to do in an emergency and a breach of security.
Besides securing bricks and mortar, you should also take into account your computers, smart devices, and online business matters. Cybercrime is a reality, and you’d be best off to invest in proper digital security too.
Reputation
Reputation management is not just something to think of in a time of crisis. Every company needs to protect its name, and it’s an ongoing process.
Your staff must know what’s allowed to be made public when discussing matters from the office with clients or family and friends. Employees should adhere to a code of conduct for the workplace. It’s crucial to include a social media usage policy too.
Appoint an official spokesperson to handle crisis communication. Staff should receive training and how to manage this. Include non-disclosure agreements to protect sensitive information.
Key Takeaways
While nobody wants to think of the negative things that could happen to a company, it’s best practice to be protected in all areas of your business.
Insurance is available for more than just buildings and assets. Consider your unique needs and get the right cover in place to protect your employees and income too.
Your company name needs protection too, and not just in time of turbulence. Your business’s continued success ultimately relies on how you prepare to keep it safe at all times.
