They’re back – The ghosts, ghouls and goblins of Halloween have returned as millions around the world prepare to celebrate another season of creepy fun. It’s also a good time to remind you of the spooky risks you face in your business every day of the year. There’s nothing fun about these goblins!
Here are six potentially ghoulish business risks that could be waiting to haunt you:
- Owner disability. You’re the business owner, so nothing much happens without you. If you should get seriously injured or become disabled due to a debilitating illness, it could be the hatchet for your profits. Make sure you ward off this risk with disability insurance coverage.
- Employee injuries. If an employee gets seriously injured at work, it can quickly become a financial nightmare. Medical, time loss and workers’ compensation costs can add up in a hurry. Prevention is crucial to avoiding this fate; so foster a culture of safety in your workplace and protect your business with an aggressive workers' compensation program that fights these costs from pre-hire to return-to-work.
- Night shift hazards. According to the British Medical Journal, international researchers analyzed the results of 34 studies and found that among more than two million night, evening and rotating-shift workers, shift work led to a 23 percent increased risk of heart attack. Researchers at Brigham & Women’s Hospital Division of Sleep Medicine also found that among workers with pre-diabetes conditions, night workers are more likely than day workers to develop the disease. And according to the Karolinska Institutet in Stockholm, Sweden, teens who work “off-hour employment” before age 20 could be at risk for multiple sclerosis because of changes in their sleep patterns and disruption of their circadian rhythms. Be careful who you put on the night shift.
- Liability claims. Anytime you’re faced with a libel, slander, sexual harassment or wrongful termination suit, you can count on some scary legal costs. Guard against these profit-eating demons by working with your insurance broker to design general liability and business liability policies that fully cover you.
- Cyber risk. Cyber criminals are like monsters from the deep – you never see them coming. High profile data breach cases are on the rise, but cyber thieves are also increasingly targeting smaller businesses because they’re generally less protected and easier targets. If you suffer a data breach, it can release a swarm of costly liabilities for your business. Protect yourself from these monsters of the deep with appropriate safety measures and a robust cyber liability insurance policy.
- Environmental claims. These bogeymen lurk in the shadows just waiting for industrial accidents and other environmental slip-ups. If you come face-to-face with an environmental claim, that’s not the time to find out that your general liability and/or property policies won’t be there to protect you. Most of these polices exclude or severely limit coverage for many pollution exposures. Make sure you’re well-armed with the necessary riders and endorsements.
Any one of these hobgoblins of risk could stir up a costly cauldron of liabilities and send your profits to an early grave. But you don’t need magic powers to protect yourself. The business insurance experts at Higginbotham have the solutions you need to guard against these ghastly risks.