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Employment Practices, Management Liability, Small Business
Assess and Reduce Business Risk
Businesses face many risks. Assessing which are most common and taking steps to prevent them can protect customers and employees, grow productivity and reduce claims.
According to the U.S. Census Bureau, 49% of private sector workers in the U.S. are employed by small businesses. This is a significant statistic and warrants an assessment of the potential risks to this marketplace.
Zandra Walton, a division manager for risk control services at Liberty Mutual, states that the number one hazard type for businesses is slips and falls. Yet many businesses don’t recognize this as a potential risk. To prevent these types of exposures it is important to implement standard practices for removing trip hazards, deicing walkways, and spill cleanup.
Another peril small businesses face is the danger of auto accidents for employees who travel. Even if travel is occasional, all employers should consider motor vehicle record checks, develop distracted driving policies, and carry commercial automobile coverage.
While these hazards remain paramount for most businesses, stakeholders should conduct extensive research to determine which risks are most significant to their particular industry. The most expensive and catastrophic perils can often be managed with an informed and preventative approach.
Getting Coverage
In Liberty Mutual’s Passion to Protect eNewsletter, Executive vice president and general manager Julie Burnett states, “My top recommendation for small business owners is to engage an independent insurance agent. They have the expertise to evaluate your business and advise you of the appropriate coverage and other important options.”
An independent agent offers your small business the expertise of industry professionals who get under the hood of your business to assess its unique risks. This brings an important perspective to the full spectrum of risk management needs, and demonstrates dedication to finding the best solutions to protect what’s most important.
