Owning and operating a business of any type comes with many different risks. Here at Merritt Business Solutions, we believe that risk management is something that every business should be doing to help save your business money in the long run. Keep reading as we share everything you need to know about risk management and the benefits it will offer your business in the future.
What is Risk Management?
Risk management strives to identify any potential risks in advance and then look for methods to minimize the chance of these risks occurring. Liabilities associated with your business are wide-ranging, and failure to address them can have harmful consequences. From keeping workers safe to treating them fairly, successfully managing risks is critical in preventing high turnover rates, expensive lawsuits, legal battles, OSHA violations, or damage to your brand.
Identifying Your Business Risks
The first task within risk management is to identify the major risks that are present within your business. These are broken down into various categories, and of course, these will vary slightly depending on the type of business you own. Operational risks include issues with clients and business practices and internal or external fraud. Credit risks include any risk involving debt that you owe to a company, whereas market risk is when an asset decreases or is impacted by exchange rates or interest rates. Finally, reputation risks are something that any good business will want to consider, as you never know when an incident might occur that impacts your operations.
The Benefits of Risk Management Through a Co-employment Provider
Avoid Costly Compliance Errors
The complexities of the business world have never been more challenging to navigate than they are today. There are many laws, regulations, and timelines that you must follow to stay on top of your game as a business owner. Co-employment providers are specialists in risk management and will ensure you meet deadlines and stay updated on ever-changing procedures and regulations. All of which can have costly consequences for businesses that don’t comply.
Coverage for an Affordable Price
Workers’ Compensation Coverage
A single significant workers’ compensation claim can jeopardize your entire business. Not only is workers’ compensation required by law, but it is a necessity for business owners. Co-employment providers specialize in helping businesses of all shapes and sizes find affordable coverage for their employees so they can focus on what really matters: running their company.
Employment Practices Liability Insurance (EPLI)
Employment laws are in place to protect employees from discrimination, wrongful termination, sexual harassment, and more. Though most employers try their best not to mistreat any employee, no company is immune from legal challenges. EPLI coverage is critical for businesses in the event that any lawsuits may arise. Fortunately, co-employment providers can find business owners affordable coverage for this, helping to keep your business protected.
Accident Prevention Support
When a workplace accident occurs, there are many victims: the injured employee, their family members, and of course, the company. Co-employment providers provide expert resources for business owners to lower the risk of workplace accidents. This can include on-Site workplace consultations, materials on essential safety topics (such as OSHA compliance reporting guidelines), and information on safety management programs.
Payroll and Benefits Compliance
With an ever-changing regulatory environment, a complicated tax code, and countless other duties as owner of your company taking up most of your time; complying with labor laws is no easy task either. Fortunately, though, you are not alone! Co-employment providers have access to expert resources at every level (from federal filings down) who ensure everything goes smoothly from start to finish – without any major hiccups along the way. Plus, get expert help to navigate the ins and outs of benefits compliance with confidence. This includes access to experts who can assist in reporting requirements, retirement plan filings, COBRA communications as well as ACA reports so that your business can get back running smoothly without the worry of HR headaches.
Workplace safety should be a priority for every business. We all must know our roles and responsibilities when it comes to keeping employees safe on-site. Our team of risk management professionals can help connect you with a provider to deliver the best practices for risk management, answer any questions about workers’ compensation, and assist you in staying compliant with regulations in your workplace. Get started with Merritt Business Solutions for your risk management needs here.