Business owners will learn the importance of following every recommendation from the insurance company. Risk of loss is the primary factor in setting annual premiums for a business insurance policy. Multiple facets of risk must be addressed to reduce the probability of filing a claim in the coming business year.
- Comply with industry standards – Every industry has process standards that reduce risks to employees and property. Compliance with these recommendations is required when the insurance company visits each site.
- Evaluate property status – Unused equipment, obsolete security systems and lack of attention to risks on the site present significant potential for loss. Insurance companies encourage all business owners to maintain a clean and safe premises for the health and safety of employees, vendors and customers.
- Implement safety procedures – Each work process should follow the safety training courses offered to employees each year. Fewer workplace accidents will occur when employees refrain from unsafe practices that cause loss.
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- Set the example – Business owners are wise to employ best practices in their own workday. Employees notice high standards when the boss requires compliance with all of these recommendations.