Effective 8/9, I finalized insurance for this Condo Homeowners Association in Harbor City. This is an 18-unit, 25,850 total square feet dual building property. Coverage’s include Commercial Property insurance for the structures, General Liability, and Director’s & Officer’s Liability to help protect the association board. The expiring policy didn’t include the D&O. I was able to add this coverage and still save premium dollars compared to the renewal terms the association received from the incumbent broker.
A safe work environment does not happen by accident. A company’s management team must be fully engaged in creating, planning, implementing, communicating and making sure safety programs work and are designed to fit the business. Most importantly, employees have to understand their role in making their workplace safer.
Your company’s safety program should incorporate the following 8 key components:
- Demonstrate management involvement – Management must lead by example. A visible demonstration that you embrace a safety culture is imperative to its success. Provide the essential time, budget and resources to create and support a safety program.
- Communicate your safety plan clearly – Your safety plan must be published and available to all employees. Reminders and updates should be timely and effective. Allow employees to contribute their suggestions to making the workplace safer.
- Get everyone involved – A safety program is likely to be more effective when employees at all levels are involved. Standardized policies should outline responsibilities and accountability for all employees. Safety goals can become part of job descriptions and employee reviews. Safety committees can help ensure that safety practices are understood and reinforced throughout the company. Positive reinforcement of safe behaviors can be an effective way to help build the desired culture.
- Train your employees to work safely – Safety training should begin from the moment an employee is hired. Ongoing training is also essential to creating a safety culture.
- Review, revise, improve – A safety program should be dynamic, especially since most business environments continue to evolve. An effective safety program should be flexible enough to adjust to changes. Regularly review, evaluate and identify risks that could affect safety, and make the changes necessary to keep your workplace safe.
- Create safety standards – Each department should set safety standards through a Job Safety Analysis (JSA) to make sure every task is done correctly and safely. Recognize good safety performance, and cite and correct unsafe practices.
- Investigate every incident and accident thoroughly – Properly trained staff with experience in investigation, analysis and evidence collection should conduct an accident analysis as soon as possible after an incident. Report the claim within 24 hours to help ensure prompt response and injury management.
- Manage every injury – Even with the best safety program, an employee injury can still occur. Planning helps you to react immediately when an employee is injured on the job. Learn about five strategies that can help you put employees on the road back to productivity.
Initiating a comprehensive program can seem daunting, but I can help businesses like yours take the necessary steps to begin creating a safety culture. Insurance is only one piece of the puzzle. Effective risk management and loss prevention efforts go a long way to keeping insurance premiums down and other costs of doing business.
Source: Travelers Insurance
I recommend scheduling your fine jewelry on your homeowners insurance policy. Don’t be like this guy
Take extra special care of those engagement and/or wedding rings. If these aren’t scheduled on homeowners or renters insurance policies, you only get a limited amount of coverage in the event of a loss.
(I need to get a personal insurance post up here from time to time)
You never know when disaster will strike. Meet three survivors from three recent natural disasters: Hurricane Sandy; the Moore, Oklahoma tornado; and the Poinsettia Wildfire outside of San Diego. Watch their stories and then log on to www.ready.gov/prepare for more information on what you can do to prepare you and your family or your business. Be Smart. Take Part. Prepare.
Being an entrepreneur makes you the boss, but along with getting to choose your own hours, location, and business plan, it also means that you’re responsible for a lot of other things like commercial/business insurance. There’s a lot more to business insurance than getting the lowest business insurance quotes. It means understanding your business’s unique needs and the potential hazards that can threaten its success.
This brief video from the Insurance Information Institute touches on the ins and outs of small business insurance, including coverage for:
- Property loss
- Business disruption
- General liability (including product liability)
- Professional liability (also known as “Errors & omissions,” or “E&O”)
- Employment Practices Liability
- Workers’ Compensation
Credit: Insurance Information Institute