As a business owner, your day is filled with a variety of concerns and preventative measures you must consider. You have to be mindful of profits and loss, employee staffing concerns, payroll, marketing, and the many things that can often cause your business to bleed money without even trying.
One of the ways your business can lose money is through exposure to liabilities. Liabilities are risks of damages that others (like your customers or employees) may suffer that you will be responsible for.
Reducing these liabilities is a great way to keep your budget, and insurance premiums, in check. As you will see, it’s not even that hard to do.
- Employee training: Train your employees to understand how to do their job well, how to limit potential liabilities that they encounter throughout the day, and how to react to potentially risky situations. Make sure that you consistently train new employees and offer constant refreshers to those who have been there for a while.
- Invest in proper signage: Buy or make signs to post around your business that inform customers of various dangers such as clean floors that may be wet and slippery. You can also get signs that inform visitors to watch their children, not to reach for products stacked high, or take part in other dangerous behaviors.
- Draw up release forms and waivers: Work with your attorney to have release forms and waivers designed that protect you, and your company, from being held responsible for incidents beyond your control. It’s important not to try and create your own waiver but to work with an attorney so that you can rest assured that all angles are covered.
- Enact protective policies: As a business owner, you set the policies that your employees and customers are supposed to follow. When you create these policies, make sure that you do so with safety and liability minimization in mind.
- Buy insurance: There are many different types of liability insurance policies that you can invest in for your business. Talk to your local agent about the policies that will best protect your company.
Our agency will work with you to cover the liabilities that can often affect businesses like yours. We will also make sure that you have the right coverage to combat potential exposure. Contact us today at 800-878-7105 for a free Oklahoma business insurance quote.