Growing businesses and their growing exposure to risks.
While expanding your business operation brings many benefits, it also comes with certain risks. To ensure that your growing business is not sidetracked by commercial threats, it's vital that you employ risk management strategies and secure the right commercial insurance in Los Angeles, California
. Here's what you can do to protect your growing business.
- Risks Associated with Hiring a New Employee
Hiring new staff members opens small businesses up to a multitude of risks. For starters, new employees mean an increased risk for worker injuries and illnesses. Additionally, because new employees may be inexperienced, they have an increased chance of making professional mistakes that the company will be held liable for. Finally, when interviewing and hiring new employees, your business's management faces the risk of employment practices liability issues, which could make your company vulnerable to major lawsuits. The best ways to protect against these issues is by asking new hires to complete rigorous training. This will reduce the chances of them injuring themselves while at work while simultaneously lowering the chances of them making major mistakes. To ensure that company management or senior staff do not run into employment practices liability issues, they should receive intensive sensitivity and inclusion training and be educated on appropriate interview protocol. You should also protect your business by updating your workers compensation, professional liability, and employment practices liability insurance when you add a new member to your team.
- Risks Associated with Moving to a New Location/Opening a Secondary Location
Any time your business moves to a new location or opens a secondary location, its risks change. For instance, your new location might be in an area of higher traffic, making it more prone to break-ins and vandalism. If your new space is larger than your previous one, then you have an increased risk of property damage. Additionally, larger space means that there's a greater chance of customer, vendor, and other third-party injuries taking place on your business's premises. You can mitigate these risks by improving security protocols in your new location. You should also conduct a careful safety inspection of your new space and address the risks that you identify. You should also protect your company by updating your commercial property, general liability, and business interruption policies to reflect your new location.
- Risks Associated with Buying New Equipment or Supplies
If you plan to expand your business by purchasing new equipment or supplies, then you face an increased risk for damage, equipment breakdown, and employee mishandling. To reduce the chances of your brand-new equipment getting damaged or breaking down, you need to secure your business's premises against threats of fire, leaks, theft, and vandalism. You also need to follow manufacturer guidelines for maintaining and caring for your equipment. Finally, you should train employees on how to properly and safely operate new equipment to reduce the chances of them mishandling it and causing damage or sustaining injuries. Of course, you should also update your commercial property and equipment breakdown policies for an added layer of protection for your company.
This is what you can do to protect your growing business against emerging risks. Do you need help securing your business the right commercial insurance in Los Angeles, California
? If so, then contact the experts at Fuller Insurance Agency in Southern California. We are ready to get you covered today.