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BizReport : Trends & Ideas : July 06, 2021

Top 3 tips to better manage business risk

At the outset of the pandemic, many businesses had to pivot their entire workforce to work in a remote setting for the first time, or for essential industries, reducing potential outbreaks of COVID-19 among employees through social distancing, contact tracing, and more. Here's how businesses can better manage current risks.

by Kristina Knight

First, document everything to ensure safe practices are being followed at the workplace

"It's no longer enough for employers to provide lip service about how they are keeping everyone safe: they now need to act and ensure all of the protocols that keep people safe (distancing, cleaning, mask and PPE wearing, capacity, etc.) are being followed. Documenting everything and using this information to ensure safety measures are followed will ultimately mitigate risk," said David Wald, CEO & Co-Founder, Aclaimant.

Second, empower people to identify risk before it happens

"Businesses must foster a risk-aware workplace culture and can do so by arming employees with the technology, resources, and training needed to understand the reputation and safety implications of their actions," said Wald. "Arming a workplace with vigilant and resilient employees will empower each employee to report potential risks and incidents before they become claims and cost the business time, money, and potentially the trust of an employee or customer. This approach to risk management saves the business time, proactively identifies an organization's risks, and controls business insurance costs in the long run."

Third, use technology to your advantage

"Technology provides better insight into and analytics of the many risks associated with businesses, and as a result, provides effective risk mitigation. Digital process controls and escalations ensure teams are effectively controlling risk in their workplace. From helping companies effectively manage the return-to-work strategy to ensuring compliance with OSHA, CDC, and state guidelines so they can stay open for good, technology should be at the forefront. Technology tools like Aclaimant allow businesses to be proactive while promoting efficiency. They also bring insights and augment resources to ensure compliance that enables risk to be controlled before, during, and after losses occur," said Wald.

Tags: Aclaimant, advertising, business risk, ecommerce, SMB covid risk, SMB tips, SMB trends

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