5 Garage Door Industry Risks
You May Be Missing
Protect your company from avoidable risks
5 Garage Door Industry Risks You May Be Missing
Founded on the belief that more is possible and expectations are meant to be exceeded.
Risks come in all shapes and sizes. Some are in your direct line of vision. Others aren’t as obvious. Many garage door companies are unaware of imposing risks that can potentially damage their companies. Although they are not evident, some risks can cost thousands of dollars and potentially derail a business.
Here are 5 risks that can sneak up on your company and put the brakes on an otherwise smoothly running operation.
1.
What You Don't Know About
Workers' Compensation Coverage
Growing With a Purpose
Fewer claims equals lower premiums. It’s a basic relationship in developing workers’ compensation premiums.
But have you ever heard of experience modification rates (EMRs)? EMRs take the past cost of injuries and the future chances of risk to determine your premium cost.
The following can inflate your workers’ compensation premium:
- Sloppy coding
- Improper loss reserving
- Typos in payroll
- High EMR
1.
What You Don't Know About
Workers' Compensation Coverage
Growing With a Purpose
Fewer claims equals lower premiums. It’s a basic relationship in developing workers’ compensation premiums.
But have you ever heard of experience modification rates (EMRs)? EMRs take the past cost of injuries and the future chances of risk to determine your premium cost.
The following can inflate your workers’ compensation premium:
- Sloppy coding
- Improper loss reserving
- Typos in payroll
- High EMR
2.
Employee Disputes
Can Spiral Quickly
2.
Employee Disputes Can Spiral Quickly
The personal relationships formed at a small or midsize company can make the workplace seem almost like a family operation, but be assured that when a dispute happens, it can easily escalate and result in various potentially crippling lawsuits, including:
- Sexual harassment
- Retaliation
- Wrongful termination
The Equal Employment Opportunity Commission (EEOC) reported that 50% of the discrimination claims filed with the agency were against small and midsize companies. Employment practices liability insurance can protect a business from the claims above and many other charges, even if the claim is frivolous.
The personal relationships formed at a small or midsize company can make the workplace seem almost like a family operation, but be assured that when a dispute happens, it can easily escalate and result in various potentially crippling lawsuits, including:
- Sexual harassment
- Retaliation
- Wrongful termination
The Equal Employment Opportunity Commission (EEOC) reported that 50% of the discrimination claims filed with the agency were against small and midsize companies. Employment practices liability insurance can protect a business from the claims above and many other charges, even if the claim is frivolous.
3.
How an Off-the-Shelf Insurance Policy Can Come Up Short
The old myth that “all policies are the same” couldn’t be more false when it comes to a specialized industry like the fence industry. You may end up with a policy with:
- Exclusions or provisions detrimental to an operation
- Missing coverage
- Unreasonably high deductibles
Partnering with a strong insurance expert who knows your industry and has solid relationships with insurance carriers can deliver comprehensive coverage at an affordable price that never comes up short.
3.
How an Off-the-Shelf Insurance Policy
Can Come Up Short
The old myth that “all policies are the same” couldn’t be more false when it comes to a specialized industry like the fence industry. You may end up with a policy with:
- Exclusions or provisions detrimental to an operation
- Missing coverage
- Unreasonably high deductibles
Partnering with a strong insurance expert who knows your industry and has solid relationships with insurance carriers can deliver comprehensive coverage at an affordable price that never comes up short.
4.
A Cyberattack Can
Disrupt Your Company
4.
A Cyberattack Can Disrupt Your Company
Hardly a month goes by without news of a cyberattack or data breach at a big-name company. What aren’t reported are the many attacks against small or midsize businesses. It happens more often than these businesses would like to think.
Hackers understand that these companies are easy targets as they may have fewer resources to:
- Make sure firewalls are impenetrable
- Ensure system patches are up to date
Usually loss of customer or company data doesn’t even involve a sophisticated cyberattack; a misplaced mobile device by a forgetful employee can cause a loss. These days, cyber insurance has become an essential part of any risk management program.
Hardly a month goes by without news of a cyberattack or data breach at a big-name company. What aren’t reported are the many attacks against small or midsize businesses. It happens more often than these businesses would like to think.
Hackers understand that these companies are easy targets as they may have fewer resources to:
- Make sure firewalls are impenetrable
- Ensure system patches are up to date
Usually loss of customer or company data doesn’t even involve a sophisticated cyberattack; a misplaced mobile device by a forgetful employee can cause a loss. These days, cyber insurance has become an essential part of any risk management program.
5.
What To Do Before
Hiring Subcontractors
Growing With a Purpose
What happens when part of a job you’ve farmed out to a subcontractor causes damage or injury to the client? It can be a customer service nightmare, but you can also be drawn into a complicated and costly claim.
Before you hire a subcontractor, make sure to:
- Check their licenses
- Keep copies of all insurance certificates, especially workers’ compensation coverage
- Name yourself as an additional insured on a subcontractor’s policy
Taking the steps above will help to decrease risks and damages when it comes to hiring subcontractors and help you avoid a gap in coverage if you’re drawn into a lawsuit.
5.
What To Do Before
Hiring Subcontractors
Growing With a Purpose
What happens when part of a job you’ve farmed out to a subcontractor causes damage or injury to the client? It can be a customer service nightmare, but you can also be drawn into a complicated and costly claim.
Before you hire a subcontractor, make sure to:
- Check their licenses
- Keep copies of all insurance certificates, especially workers’ compensation coverage
- Name yourself as an additional insured on a subcontractor’s policy
Taking the steps above will help to decrease risks and damages when it comes to hiring subcontractors and help you avoid a gap in coverage if you’re drawn into a lawsuit.
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