It is of upmost importance that your business has arranged insurance cover specific to the needs of your business, whether that be professional indemnity, employer’s liability, public and product liability, directors and officer’s liability or office buildings and contents insurance. Within every workplace, risks are always going to present and whilst all cannot be avoided, many can be minimised or made safer by identifying risks to both employees and customers.
In managing risks, you are ensuring that you are helping to prevent the risk of claims being made against your business, which helps to keep your insurance premiums manageable and limits the negative impact on your business reputation.
Below are the top five causes of liability and property claims and ways in which you can minimise the chances of these claims occurring.
Accidents With Machinery, Tools Or Materials
Within the majority of businesses, day to day operations rely on machines and equipment to function and this cannot be avoided. However, the machinery used should be maintained correctly with the appropriate controls fitted. Routine inspections of your equipment on a regular basis should ensure that is consistently fit for purpose. Employees should be provided with adequate training for all equipment to ensure that machinery is being used in the most appropriate way.
Slips and Trips
Possibly one of the most common workplace accidents slips and trips can be avoided if you practice good maintenance and housekeeping and remove/repair potential hazards. Keeping clutter to a minimum will help, and if required safe footwear is also recommended. Any spillages should be cleaned immediately and marked with appropriate health and safety signs. Floors should be checked for unevenness, good lighting should be provided, and your business should have safe, designated walkways. This may seem like common sense, however maintaining a high level of health and safety at all times could prevent a potential claim against your business.
In order to minimise this risk, eliminating the need to lift wherever possible is the most effective way to do so. If lifting is a vital requirement, providing employees with personal protective equipment, providing specific manual handling training, lightening the load and reducing repetitive movements will all help to minimise the risks associated with lifting.
Falling From A Height
If safer ways of working can be conducted, then always choose this option. However, if this operation is essential, detailed and comprehensive planning of all proposed work at height, with full risk assessments and controls is essential. Furthermore, deciding on the provision of alternative equipment, such as using scaffolding instead of a ladder, is a good example of minimising the risk and could mean the difference between a serious accident and a successful, claim free project.
Burglary / Theft
You can improve the physical security of your premises/property by installing electronic security systems such as CCTV, intruder alarms and security lights. Also improving perimeter security, by installing barriers and screens and using security contractors will minimise the risk of burglary or theft.
These are just five key areas where you may find your business at risk, however there are also many other risks that you may wish to be mindful of. With the right management systems in place, losses should be able to be kept to a minimum.
If you wish to speak to an advisor who can help you arrange insurance to protect your business, please get in touch.