According to Google, a little over half a million new businesses are started each month in the US alone. Most people are motivated to start a company when they are ready to be their own boss. If you have a company, expansion is probably your primary goal. From starting new locations and recruiting new people to offering new services – there are many ways to grow a business. However, growing your business involves a certain amount of risk. As you grow your business, you need to be aware of these risks and take measures to avoid them, says Employers Risk Insurance, a leading provider of business insurance in Houston.
Here’s a look at the risks and ways to protect your business as it grows.
Moving to a new location comes with its risks. Your new location may be in an area with more traffic and is more prone to burglary and vandalism. If your new area is larger than the previous one, there is an increased risk of property damage. Larger space also means that the customer, supplier and other violations by third parties in your company are more likely to be infringed. You can further reduce this risk by improving the security protocols in the new location by conducting a thorough safety review of the new location and addressing the risks that you identify. You should protect your company by choosing adequate commercial general liability insurance in Texas TX in the event of business interruptions to reflect the new location.
Recruiting new employees poses many threats to businesses. In the beginning, new recruits mean an increased risk of injury and illness for employees. Because new employees may be inexperienced, they more often make professional mistakes, for which the company is responsible. The best protection against these problems is to encourage new employees to complete comprehensive training. It reduces the likelihood that they will hurt themselves at work, making fewer mistakes. Further, senior management and managerial staff should undergo intensive training in awareness and integration and learn through the relevant interview protocols. You should also protect your company by updating your commercial & workers compensation insurance companies TX when you add a new member to your team.
The launching of a new service offer is a great way to appeal to new customers and increase the value of existing customers. However, each time a company introduces a new professional service, there is an increased risk of professional liability. These problems arise when the organization makes a mistake by providing professional services and exposing clients and other parties to injury, damage and other losses. You can reduce this risk through careful training and supervision of employees. Also, updating your commercial general liability insurance Texas TX provides an additional layer of security.
These are a few of the biggest threats small businesses face when they want to grow. If you need help with deciding on the cover, contact leading providers of commercial & workers compensation insurance companies TX for advice on which policies to choose.