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Business Insurance - Top 5 Ways to Lower Risk

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Top 5 Ways to Lower Risk with Business Insurance

Published Wednesday, November 1, 2017
by Diane Hipp

 

Here are some easy tips that you can implement quickly and without a lot of cost to reduce risk in your business:

  1. Protect your cash. Implement a “separation of duties” procedure, so that the person who pays the bills is different than the person who reconciles the bank account.  Having a minimum of two people oversee your finances minimizes the chance of employee theft.
  2. Remove all belongings from your stored vehicles. Set a procedure that all tablets, ipads, and other electronic devices are to be removed from company vehicles when parked for the night.  This reduces the temptation by thieves to break in.
  3. Inspect your vehicles regularly, looking for safety issues like burned-out tail lights, low tire pressure, worn brakes, etc. Maintaining your vehicles reduces the chance of an accident.
  4. Educate your staff on phishing schemes. Hacking of business computers is far too common these days.  Make sure your staff knows how to identify fraudulent emails so that your business is not a victim.
  5. Label all company property and conduct a routine inventory to make sure items are not lost or stolen.

 Simple steps like these save real dollars!  For more ideas, become a member of our Risk Management Center.

 

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