Don’t let these threats hurt your growing small business.
If you own a small business, then expansion is likely your overall goal. From hiring new employees to opening new locations to offering new services, there are a variety of ways to help your small business grow. However, business expansion comes with certain risks. While having the right business insurance in Dallas, Texas is a great way to protect your company, there are other preventative measures you can take as well. As your business grows, watch out for these risks and take these steps to prevent them.
- Hiring a New Employee
Hiring new staff members opens small businesses up to a multitude of risks. For starters, new employees mean an increased risk for worker injuries and illnesses. Additionally, because new employees may be inexperienced, they have an increased chance of making professional mistakes that the company will be held liable for. Finally, when interviewing and hiring new employees, your business’s management faces the risk of employment practices liability issues, which could make your company vulnerable to major lawsuits. The best ways to protect against these issues is by asking new hires to complete rigorous training. This will reduce the chances of them injuring themselves while at work while simultaneously lowering the chances of them making major mistakes. To ensure that company management and senior staff do not run into employment practices liability issues, they should receive intensive sensitivity and inclusion training and be educated on appropriate interview protocol. You should also protect your business by updating your workers compensation, professional liability, and employment practices liability insurance when you add a new member to your team.
- Moving to a New Location/Opening a Secondary Location
Anytime your business moves to a new location or opens a secondary location, its risks change. For instance, your new location might be in an area of higher traffic, making it more prone to break-ins and vandalism. If your new space is larger than your previous one, then you have an increased risk of property damage. Additionally, larger space means that there’s a greater chance of customer, vendor, and other third-party injuries taking place on your business’s premises. You can mitigate these risks by improving security protocols in your new location and conducting a careful safety inspection of your new space and addressing the risks that you identify. You should also protect your company by updating your commercial property, general liability, and business interruption insurance policies to reflect your new location.
- Offering New Services
Introducing new service offerings is a great way to attract new customers and provide more value for existing clients. However, anytime your business introduces a new professional service, it faces an increased risk for a professional liability issue. These issues arise when your company makes a mistake while rendering professional services, putting clients and other parties at risk for injuries, damages, and other losses. You can reduce this risk with careful employee training and oversight. Additionally, updating your professional liability coverage will also provide an added layer of security.
These are some of the major risks that small businesses face when they look to expand. Do you need help with your business insurance in Dallas, Texas? If so, then contact the experts at Champion Commercial Insurance. We are ready to assist you with all your commercial insurance needs today.