Making sure you have a safety plan in place for identifying and fixing problems
It’s easy to get caught up in the day-to-day management issues of running a business, and often, immediate issues can seem to take precedence over long-term planning. But overlooking safety measures can cost you big in the long run. Be sure to consider your business and its potential risks from all angles and develop a robust safety plan to limit exposures to liability claims.
Seeking advice from peers and professionals
Especially if you’re just starting out in your business field or offering a product to a new audience, it can be difficult to understand your risk exposures. Being proactive in networking with peers and insurance brokers provides you with a rich source of information and insight from others who have “been there, done that.”
Being proactive in reviewing risks
Chances are that over time, your business will go through certain changes. Review your safety measures and policies several times a year to make sure they cover everything that needs to be addressed and review them again whenever something new occurs.
Making sure you have enough insurance
Few people care to spend hours poring over their insurance policies, but unless you take the time to really understand your coverage levels as well as the limitations and exclusions of your policy, you could be leaving your business open to major losses. Another typical mistake: Thinking the coverage a similar business has in place is “good enough” for your needs. Make sure your agent understands your business as well as its potential — and unique — risk exposures.
Keeping your business safe from costly public liability claims should be a priority. Make time in your schedule to take the steps necessary to ensure you’ve identified your business’ potential risks and have the safety plans and insurance coverage in place to avoid major losses.
