27 Jun 2019
smiling baker

Don’t let your business’s expansion get sidetracked by these threats.

As a successful small business owner, growth is in your company’s future.  Whether you grow by hiring new employees, opening new locations, or purchasing new supplies and equipment, growth always opens the door to new risks.  Here are some of the threats that your expanding business needs to watch out for.

  • Hiring a New Employee

Hiring new staff members opens small businesses up to a multitude of risks.  For starters, new employees mean an increased risk for worker injuries and illnesses.  Additionally, because new employees may be inexperienced, they have an increased chance of making professional mistakes that the company will be held liable for.  Finally, when interviewing and hiring new employees, your business’s management faces the risk of employment practices liability issues, which could make your company vulnerable to major lawsuits.  The best way to protect against these issues is by asking new hires to complete rigorous training.  This will reduce the chances of them injuring themselves while at work while simultaneously lowering the chances of them making major mistakes.  To ensure that company management and senior staff do not run into employment practices liability issues, they should receive intensive sensitivity and inclusion training and be educated on appropriate interview protocol.  You should also protect your business by updating your workers compensation, professional liability, and employment practices liability insurance when you add a new member to your team.

  • Moving to a New Location/Opening a Secondary Location

Any time your business moves to a new location or opens a secondary location, its risks change.  For instance, your new location might be in an area of higher traffic, making it more prone to break-ins and vandalism.  If your new space is larger than your previous one, then you have an increased risk of property damage.  Additionally, a larger space means that there’s a greater chance of customer, vendor, and other third-party injuries taking place on your business’s premises.  You can mitigate these risks by improving security protocols in your new location and conducting a careful safety inspection of your new space and addressing the risks that you identify.  You should also protect your company by updating your commercial property, general liability, and business interruption policies to reflect your new location.

  • Buying New Equipment or Supplies

If you plan to expand your business by purchasing new equipment or supplies, then you face an increased risk for damage, equipment breakdown, and employee mishandling.  To reduce the chances of your brand-new equipment getting damaged or breaking down, you need to secure your business’s premises against threats of fire, leaks, theft, and vandalism.  You also need to follow manufacturer guidelines for maintaining and caring for your equipment.  Finally, you should train employees on how to properly and safely operate new equipment to reduce the chances of them mishandling it and causing damage or sustaining injuries.  Of course, you should also update your commercial property and equipment breakdown for an added layer of protection for your company.

Need help with your commercial coverage?  If so, then contact the experts at Weaver & Associates in Arcadia, California for assistance today.