How to Lower Your Risk to Get the Most out of Your Business Insurance

If you are worried about getting hit with a high payment or being forced to choose a high deductible, then you will want to look at the controllable factors in your business that can lower your risks. The longer that you go without an accident, the lower your insurance will be compared to others in your industry.

Identify Risks

You should walk through your business property and identify risks that need to get corrected. Then, assign someone to fix them or hire a professional to get repairs made. Remember that you need clear access to all exit doors. Walkways should be wide enough that everyone can easily get down them quickly. Paper and other flammable items should be stored in a separate area. Ensure that your employees know proper lockout procedures and follow them regularly. If your company uses a fleet of vehicles, hire drivers who are responsible. You should also consider your health plan to make sure that you allow sick employees to stay home so that viruses do not spread quickly.

Standardize Your Process

Using the S process or lean manufacturing process reduces accidents. Start by sorting and keeping only the most essential items in each work area. Then, put everything in the order that it needs to be used as this will eliminate steps and help keep employees from tripping over each other. Make it a part of everyone’s job duties to keep their work area clean. This should be similar to the 5S process of optimizing. The great news is that while you are lowering your accident risk factors, the chances are that you are also saving your company expenses in other areas when you apply the 5S process.

Reward Employees for Working Safe

While you may eventually have to give out a few writeups to employees who are working in an unsafe manner, rewarding employees who work safely usually yields better results. Set company goals and offer rewards that encourage everyone to work together to create a safe work environment. Pick rewards that are meaningful to your employees. You may also want to consider setting up rewards to encourage your employees to always be working in a safe environment to reach a bigger prize.

There are many ways that you can control your business’ risks and lower your business insurance costs. Aside from saving money, you will also make the workplace safer for both you and your employees, fostering trust and loyalty.

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