The insurance company created a complete list of recommendations for entrepreneurs during December.
A recent release from State Farm placed the focus on small business safety. The company decided to “unwrap” some of the best tips it had to make sure entrepreneurs benefitted from the holidays while staying safe at the same time.
The insurer underscored the importance of the right coverage especially during heavy shopping times.
State Farm pointed out that at this time of year, there is considerably more foot traffic to contend with. This often also means bringing in more employees at the same time to keep up with the hours and the crowds. This can mean there is an increased need for small business safety precautions as an increase in activity can also raise risks a company faces.
In its report, State Farm pointed to data showing that there are over 30 million small businesses in the country. Of its customers who own some of those small businesses, 40 percent do not also carry small business insurance. That said, the average claim made by entrepreneurs who do have coverage is more than $22,000. To a small company, that figure can define whether or not it can survive or whether it faces financial ruin.
_________________________Random Success Quotes to Remember ~ “Successful people do what unsuccessful people are not willing to do. Don't wish it were easier; wish you were better..” - Jim Rohn
Therefore, State Farm recommended the following actions to improve small business safety.
1. Understand the coverage the company does and does not have.
2. Make extra efforts to avoid slips and falls. This includes snow and ice removal, providing adequate lighting and directing gutters and downspouts away from walkways and parking.
3. Create a checklist of potential hazards and give those points the attention they need.
4. Understand liability and how much coverage is provided by the existing insurance policy.
5. Reduce theft exposure by focusing on hiring trustworthy people, using keycard systems instead of traditional lock and key systems, install a quality alarm system and install video surveillance. These actions can all pay for themselves through reduced insurance premiums and decreased thefts.
6. Invest in workers’ compensation.
7. Maintain an up-to-date inventory of products but also of items owned by the business such as computers and furniture. Keep a record with receipts, descriptions and pictures.
8. Keep in touch with your insurer. One of the best ways to maintain small business security is to make sure your insurance company is always aware of any purchases or upgrades your company has made so you can know the right coverage is always in place.