Reducing Risk and New Jersey Business Insurance

Reducing Risk and New Jersey Business Insurance

There are many areas in your New Jersey business that create exposures. As a prudent owner, you need to take the time to properly manage all of these areas in order to greatly reduce your losses, which can have a major impact on your bottom line and save the company an exorbitant amount of money.

In order to mitigate risk it’s important to determine just what those risks are. Here are just a few examples of how a business can assess their risk and determine the right way to prevent unfortunate circumstances from happening. Losses will come, and having the proper New Jersey business insurance can help mitigate some of the expense.

Steps to take to reduce loss of business income

Start by having a comprehensive security policy that outlines procedures for threats to personal safety, such as assault, sexual abuse and robbery, as well as situations involving drug or alcohol use, civil unrest, or bomb threats, so that employees will have a better understanding of what their role is and whom they should contact in the event that such a situation arises.

Installing adequate devices to control unauthorized entry onto the premises is a good place to start. For example, have a burglar alarm that reports to a central station or a constantly attended monitoring facility. Having adequate fencing and gates around the building and parking areas will create a safer environment as well.

Provide clients and staff with adequate exterior and interior lighting. Installing door and window locks to better control access to premises can be very useful as well. Many companies require company ID badges; have visitors’ sign-in before entering, and utilize badge and escort procedures.

  • Are employees properly trained to handle situations involving theft and fraud?
  • Are employees trained to recognize shoplifting risks and do they know how to respond?
  • Can employees determine credit card validity?
  • Are employees trained to recognize counterfeit currency?
  • Is a process in place for employees to report vandalism or theft committed by other employees, visitors, vendors, or contractors?
  • Are valuables secured adequately in lockers and/or appropriate safes?

By better managing the premises through security measures, overseeing accounting practices and ensuring that deposits are made periodically, a company can make great strides in reducing risk and avoiding losses that will likely decrease New Jersey business insurance premiums.