There is no question that operating a business comes with certain risks. But there are also many benefits. The range of business threats is evolving rapidly but your organization can thrive and gain a competitive advantage if you know how to manage your risk. Here are a few simple ways to manage risk:
1. Follow insurance company loss control recommendations. These are designed to reduce the probability of a loss and to reduce the severity if a loss occurs.
2. Develop an employee handbook. Having a set of procedures involving roles and responsibilities will help reduce employment issues in the long term.
3. Evaluate your facilities. Unused equipment, obsolete security systems and lack of attention to risks on the site present significant potential for loss. Insurance companies encourage all business owners to maintain clean and safe premises for the health and safety of employees, vendors and customers.
4. Make safety a priority. Having a safety program can not only reduce your costs but will improve employee productivity.
5. Train your staff. Employees perform better if they have an understanding of what their roles and responsibilities are. Make safety part of every job description.
6. Keep employees healthy. A local company, for example, has instituted a comprehensive wellness program that includes disease management for afflictions such as asthma and diabetes, as well as offering flu shots, cancer screenings, smoking-cessation sessions and a round-the-clock phone line staffed by nurses. The company found that for every dollar it invested, it saved $4.23.
7. If your business changes, your insurance should too. Meet annually with us to determine whether your business has changed in significant ways that require modifying or adding coverage.
8. Raise your deductible. Raising the deductible on your insurance usually lowers your premiums. Even if you end up having to pay the deductible, it's likely to be less than the amount you save.
Call us today for more information. We are a full service independent insurance agency with the ability to help with all lines of insurance from personal auto, home, umbrella, boat, motorcycle, life and health, to the business owner with complex needs. We represent many of the TOP insurance carriers and are available to listen, learn and guide you though your insurance needs. We will take a comprehensive approach to your insurance that considers the best balance of coverage and cost. We are proud to be licensed in Illinois, Kansas, and Missouri.