No matter how carefully you run your business, accidents happen. They can be as small as an employee tripping over a trashcan and spraining his or her wrist, or they can be as catastrophic as a fire or many severe injuries due to a machine malfunctioning. To mitigate the toll that accidents take on your business, follow these steps.
Invest in Insurance
Every business needs to have insurance for its employees and property. When you have insurance, you pay a company a certain amount of money each month, called a premium. In return, when an accident occurs, the insurance company will cover at least a portion of the costs. How much coverage you receive and how high your premiums are depend on what company you use and how hazardous your work is. Since your risk financing needs may vary, ensure that the insurance company you choose is suitable for your line of work.
Take Safety Seriously
People who work in hazardous settings for a long time often become accustomed to their environments and forget how dangerous their jobs are. Do not let this happen at your workplace. Hold regular safety briefings to remind both your newest hires and your oldest employees about the hazards they face on the job. Require the use of relevant personal protective equipment, such as goggles and gloves, at all times. Some insurance companies will not provide coverage for preventable accidents, so make sure that your employees always follow your safety codes.
Listen to Your Employees
Your employees notice things that you do not because they are more involved in the routine operations of your business. When they bring issues to your attention, listen to them and investigate their complaints. They may spot potential disasters long before you do.
While you can’t prevent every accident, by taking these steps, you can do your best to make problems as infrequent as possible.