Even if you’re making record profits with high morale at your company, all it takes is one unfortunate accident to ruin all the good you’re experiencing. The incident can be particularly troublesome if you’re liable for it. Learning how businesses can reduce their risk and liability concerns will help you ensure smooth sailing.
At a bare minimum, every business needs general liability insurance. This coverage will protect you from accidental happenings and negligence claims.
Other insurance policies that can cast a wider security blanket involve your product, commercial property, and professional services. For instance, someone working in the medical field should consider professional liability insurance, or else malpractice lawsuits could destroy everything they’ve worked for.
It’s unrealistic to expect a risk-free workplace. However, depending on what your business does, you can reduce common risks, such as losing sensitive information or customers tripping and falling. The solution could be as simple as implementing proper security measures or knowing the best places to put floor mats in your business.
Taking sensible precautions to guarantee safety also strengthens your legal position in the event of a lawsuit. To a court or jury, taking reasonable precautions looks good for your case.
Keep It Clean and Sanitary
Even though you can’t stop flu season, you can take measures to limit the spread of the flu and other illnesses within your business.
For example, if you provide refreshments for your staff and guests, keep perishables in a cool, dry place. Also, set up hand sanitizer dispensers at all checkpoints and keep them full. If you maintain a regular cleaning schedule and have a dedicated and thorough staff to follow through on things, sanitation shouldn’t be a concern.
Read the Fine Print
A key aspect of reducing your liability is to put it in writing. What should you put in writing? Just about everything. Signage is particularly important at any establishment because it prevents someone from pleading ignorance. If there is signage informing patrons and staff of hazards, they can’t claim ignorance if they disregard the instructions and experience resulting harm.
Beyond signage, contracts and other written agreements should include every technicality. It’s the responsibility of the signee to read contracts, so putting everything in writing is a pretty bulletproof defense.
There’s no such thing as being too safe when it comes to your business. Putting these plans into motion is how businesses can reduce their risk and liability concerns.