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Risk Management Tips for Business Owners, Contractors

Insurance is not the only method to manage risk and protect your business. As a business owner, it is practical to conduct an overall review of the hazards that may cause an event resulting in damage, injury or a financial loss to you or other parties. Once this is done, implement a plan or plans to help minimize the chance or severity of a loss.

Some measures you can take to help prevent theft and injury, and minimize financial loss or the amount of a claim against your insurance are:

  •          Etch your company name onto expensive tools and equipment.
  •          Keep tools locked in boxes or secured in vehicle compartments when not in use. 
  •          Invest in extra locking devices, alarms and tracking systems on heavy equipment.
  •          Have regular meetings with your employees and independent contractors to review health and safety regulations to avoid injury to workers and other parties, and damage to property.
  •          Provide safety information and training to your workers.
  •          Listen to workers' concerns and have a plan to resolve any safety issues to reduce exposure to potential hazards.

Inspection of your vehicles and heavy equipment may be required by law more often than you realize. Know your obligations.
Daily visual walk-around inspections are recommended even on light-use equipment and vehicles.
Keep an accurate maintenance log for all testing and repairs of equipment and vehicles.



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