Straight From The Source Blog by Higginbotham Insurance

Workplace safety is important to the health and welfare of employees and the overall health and productivity of a company. According to the Bureau of Labor Statistics (BLS), private industry employers reported 2.8 million nonfatal workplace injuries and illnesses in 2019. Of those, 882,200 caused a private industry worker to miss at least one day of work.

There’s no reward without risk. Operational risk exists in every business. However, the nature of operational risk may vary depending on the specifics of the company.

You’re only as strong as your weakest link. Even if you maintain good cyber security practices, a less diligent vendor could open the door to an attack on your data. When selecting vendors and writing contracts, it’s important to address cyber issues, liability and indemnification.

For employers, it can be one of the least transparent and least understood aspects of workers’ compensation. And yet, it’s one of the most important factors in determining your premiums.

People put things off for a lot of reasons. You might be busy. Maybe it seems unimportant. It could be just downright unpleasant. We get it. But when it comes to reporting claims to your insurer, promptness is essential. If you delay, your coverage could be negated – and that could be a big problem for your business. Protect your coverage, your company and your bottom line by reporting claims promptly.

Dealing with contracts and insurance requirements can be tricky business. Things can get especially dicey when dealing with contractual liability exclusions, additional insureds, “insured contracts” and other intricacies of the contract process.

Liquor is big business – but it can also be a big liability. According to The Drinks Business, U.S. alcohol sales reached $253.8 billion in 2018. At the same time, alcohol is associated with health problems, drunk driving and other serious risks – and businesses that sell alcohol may be held liable.

There’s no question that eventually, a disaster will strike your business. The real question is whether you’ll be prepared. According to FEMA, 40 to 60 percent of small businesses never reopen after a disaster. Don’t be part of this statistic. Take the following four steps now to make sure you’re prepared for potential disasters and to manage whatever crises develop in the aftermath.

Every year, fire consumes thousands of businesses. Some never recover. In 2018, fire departments in the U.S. responded to approximately 1,313,500 fires resulting in $25.6 billion in direct property loss, according to the National Fire Protection Association.