RISK PREVENTION – As temperatures rise and the days get longer, you’ll frequently see people working in their yards and doing spring cleaning around their homes.
What’s often overlooked is performing the same type of seasonal tune-up for your business.
Whether you’re an owner, manager or top executive, taking some time to perform a Risk Management-related Spring Cleaning can help protect your company.
If you’re not sure where to begin, a good place to start is by checking your company’s insurance-related information to make sure everything is up to date.
Having outdated or incorrect information on your company’s policies could lead to a claim being denied or a co-insurance penalty being applied. Here are a few other areas to address to make sure your company is in “tip-top” shape for spring (or any season):
Driver’s License Information
- Are all of your fleet’s drivers listed on your policy?
- Are there any drivers who have retired that need to be deleted?
- Are there any new hires that should be added?
You may have lengthy and detailed training processes for new employees, so having new drivers added to your policy could get lost in the onboarding shuffle.
Oversites like this are understandable, but beware—the penalty could be extremely painful. Make sure to include adding drivers to your policy as part of the new hire checklist.
- Are all the vehicles in your fleet listed on your policy?
- Are there any vehicles still on the list that have been sold or marked as surplus?
- Are all driver/vehicle assignments accurate or do any need to be changed?
With so many duties claiming your time and attention, it’s easy to make a mental mistake with fleet issues. One of the best ways to check your vehicles is to take your list and do a physical walk-around.
Also, make sure all of your maintenance records are up-to-date. Just like the daily, weekly and monthly inspections, the records that you keep of these actions are valuable necessities.
- Have all employees had their annual physicals, wellness checkups and driving record reviews?
- Have all the required safety classes been conducted, with training certifications signed, dated and filed?
- Have any of your employees been promoted or changed to a different job?
Reviewing employee-related issues on an annual basis not only helps to ensure your company is adequately covered if an accident were to occur, it also helps boost morale—which can lead to fewer accidents.
And don’t forget to check Workers’ Compensation code classifications for employees who have transferred to different duties. Errors in classifications can result in costly premium adjustments.
Using all these tips can help your company ward off risk issues AND uncover savings—no matter the season. You shouldn’t be paying excess insurance premiums for coverages you’re no longer needing or using.
And a final tip—if you’ve made any changes to your facilities or production line this year, consult an Independent Risk Manager for experienced help in finding new insurance coverages that will best match your exposures.
You can find lots of other business tips for Risk Management solutions and savings in our Common Types of Risk Management Issues section.