Plan and prepare for the future of your business.
Risk Management in Pennsylvania, Including Bucks County, & Montgomery County.
All businesses are susceptible to risks and threats, some big and others small. At Freedom Insurance Group, Inc., we’re here to help you find risk management solutions in the Pennsylvania area, including Bucks County, & Montgomery County. We recognize that no two companies are alike, and we’ll work to assist you in creating a plan that best protects your people and property.
Your Greatest Asset, Protected
When running a business, you have plenty at stake. Between overseeing your operations, keeping customers happy, and maintaining an entire staff, protecting the future and longevity of your company can easily get overlooked.
You’ve put your heart and soul into your business, doing all you can to maintain its success. But with just one simple mishap or an unforeseen crisis, your most significant investment could quickly face financial, occupational, and even physical damage.
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Every business faces risk. The level and type of risk will vary based on multiple factors including industry, size, and location, among others. Risk can never be fully eliminated, but it can be reduced.
Risk management is the practice of taking proactive steps to identify and mitigate risk. It’s a broad topic that involves many areas of a business, from personnel and technology to safety and compliance. Risk management can not only help a business identify what risks need to be insured, it can also pinpoint ways to reduce.
Staying compliant is hard. The laws for many facets of business are ever-changing. Employee handbooks can become out of date. Employment and other contracts can contain problematic language if not handled properly. Employee relations and human resources concerns can get complicated.
There are insurance coverages like employment practices liability insurance (EPLI) and directors and officers liability insurance (D&O) that can help pay for the legal costs of defending lawsuits against the business, but risk management can help shed light on areas of the business where process improvement and consistent practices could help avoid litigation.
Employees can make mistakes for a number of reasons. Sometimes, it’s simply the result of a lack of education. Some businesses may choose to skip training because they don’t have the time or resources to devote, but this can lead to mistakes and accidents.
Conducting employee training can reduce risk. For example, sexual harassment training often helps businesses avoid lawsuits. Safety training is essential to avoid workplace injuries. Many insurers will help companies provide employee training as a cost-saving measure.
The Occupational Safety and Health Administration (OSHA) sets and enforces standards aimed at ensuring the environment in which employees work is safe and healthful. Employers are required to comply with these standards and OSHA may audit workplaces to verify compliance. Employers that fail to comply can be faced with hefty fines.
Lockout/tagout, hazard communication, and powered industrial trucks standards, among others, all require specialized programs. Utilizing outside resources to create and train employees on these programs can be a cost-effective solution that ensures your business is doing everything possible to meet required standards.
If your business involves driving, you know that safety is paramount. Failure to drive safely not only endangers the lives of your employees and the general public, but it can also have costly repercussions for the business.
Increasing driver safety is a cost-effective risk management tool. Classes and seminars can be effective resources. Telematic programs allow businesses to see every move a driver makes. Driving simulators can offer hands on training for drivers of trucks, school buses, agricultural haulers, and other vehicles to prepare them for scenarios they may face out on the road.
When it comes to weather and natural disaster related losses, where your business is located impacts the kinds and level of risk it faces. Fires, hurricanes, blizzards, tornadoes, earthquakes and other events can cause major losses to your business.
While it’s impossible to control the weather, it is possible to lower the risks the weather poses. Risk management involves assessing which events are most likely and what steps a business can take to protect their building and contents, their employees, and other systems.
Technology failures can be extremely detrimental to an organization. Problems can arise from power outages or surges, cyber-attacks, or telephone and communication failures.
Understanding what risks the technology your business uses is susceptible to, the processes a tech failure could affect, and how to prevent losses from tech failures is an essential part of risk management. This can help determine the proper insurance policies that are needed, such as cyber liability, property, and business interruption coverage.
According to Forrester’s The State of Risk Management 2022 report, 41% of North American and European organizations have experienced three or more critical threats over the past year. All too common, this increased level of operational risk is quickly becoming the new normal — meaning you’ll have to adapt accordingly.
Risk management solutions are there to reduce the impact of any unexpected disaster looming over your company. Going beyond insurance, a risk management plan’s primary goal is to set you up for smooth recovery following a threat — or mitigating it altogether.
Although insurance and risk management plans work hand-in-hand, these solutions are more about internally strategizing for the long term. With a risk management plan, you have greater control of the prosperity of your business, always accounting for the risks that can suddenly emerge.
Business Risks to Watch Out For
Depending on your company’s industry, location, and size (among other factors), you’ll have certain risks to safeguard your business against. Minimizing these risks and maximizing your protection starts with identifying the threats most likely to happen, their frequency of occurrence, and how they could affect your business goals.
Some common examples of operational risks that could harm your business include:
- Natural disasters
- Cybersecurity threats
- Accidental workplace or premises injuries
- Employee or customer lawsuits
Tailored Risk Management Solutions for You
Just like the uniqueness of your business, your risk management plan should be entirely customized to the best interests of your people and property.
Our team at Freedom Insurance Group will help you identify the risks most likely to plague your business so you can adapt your operations accordingly. Whether you decide to implement employee training programs, emphasize certain certifications, update your equipment, or adjust your operations altogether, we’ll walk you through the process of developing and consistently reviewing your plan to ensure you’re accounting for any new risks.
Our job is more than helping you find the right solution for your business’s goals and safekeeping. It’s about maximizing your investment and minimizing stress, granting you the peace of mind you need when it matters most.
Quality Risk Management for Your Pennsylvania Business
A risk management plan isn’t always top of mind for business owners, but it can make a serious difference between a quick fix and total loss when disaster strikes.
Serving thousands of customers across Pennsylvania, including Philadelphia, Bucks County, & Montgomery County, Freedom Insurance Group is a Pennsylvania trusted independent insurance agency.
We can help you find the right coverage for your Pennsylvania business and create a plan that mitigates any risks that may occur along the way.
For more information on how we can assist you in planning and preparing for the future of your business, fill out our contact form below.
Risk Management Solutions Information Request
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