Running a business takes a lot of work because there are many moving pieces. One of the parts you need to continually manage as a business owner is your insurance policies. However, there are certain ways you can decrease your business risks which will help your insurability.
Maintain a Solid Reputation
Impressions matter, especially when it comes to getting insurance for your business. As a result, you need to focus on building a solid reputation for your business. This includes building trust with your employees and your clients or customers. You can do this by following through on your promises that you make. You should also take advantage of your Public Relations department in order to make strides with the community. For example, if your business did make a mistake, your public relations department would help to fix your reputation and promote a better image of transparency. Online reputation including website, social media platforms, and reviews matter today more than ever. It’s not just your clients who may be looking your business up online, it could be your insurance underwriters too!
Follow Safety Regulations
As the employer, it is your responsibility to keep your employees and any patrons of your establishment safe. That means that you need to be aware of the safety regulations for your line of work. Luckily, most offices already have safety regulations clearly spelled out and all you have to do is follow them. Safety regulations would include instructions on how to deal with hazardous chemicals or how to store electric cords. It also includes how you should treat employees. There are many organizations that are created to keep employees safe. The Occupational Safety and Health Administration can punish a business for not following ANSI standards in some cases. Your business should always be to be on the right side of OSHA.
Choose a Good Location
An easy way to keep your business at a lower risk is to find a safe location. There are certain areas in the country that are more prone to natural disasters or crime. If your business is in one of those places, you could have higher insurance rates. However, if you start your business in an area that is deemed safe, you will have access to more markets and, therefore, more competitive rates. This can also benefit your business because you will likely have more customers if you are in a low-risk area.
Keeping the risk low for your business can directly benefit your insurance rates. Contact the business insurance experts at Harris Insurance today for a full business insurance evaluation to ensure that your business has everything it needs to not miss a beat in the event of a claim or a lawsuit. We have experience in all types of business insurance and welcome the opportunity to be a trusted resource for your Florida Business.
Read this next: What Your Business Should Know About Mitigating Risk
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
