Protecting your business from liabilities can save it from bankruptcy. Despite this, 29% of small businesses don’t have any business insurance and of those that do, 90% don’t think the coverage they’ve got is enough. One of the biggest liabilities a business has is its employees. So, let’s take a look at the liabilities they come with and how to protect them and your business.
80% of US workers say they feel some level of stress at work. The extent of your liability on these employees’ mental health will vary depending on circumstances, such as what accommodations you’ve put into place to prevent stress, the support given to workers, and whether employment laws and regulations have been followed. Stress can reduce employee productivity and increase fatigue which makes accidents and mistakes more likely – something which you will be liable for. Therefore, investing in employee wellness programs is a good idea. Plus, they can increase productivity in the workplace by 66%.
The latest figures from the Bureau of Labor Statistics reveal that there were 2.6 million nonfatal workplace injuries and illnesses in 2021. Some of the most common injuries sustained are caused by slips, trips, and falls, overexertion, being struck by objects, and being exposed to harmful substances. The best thing your business can do to protect itself from this type of liability is prevention. Providing training, PPE, complying with OSHA regulations, and taking out insurance are crucial. Even when companies do all this, accidents still regularly happen across the US. Maine and Oregon have the highest number of workplace accidents. Less dangerous states, such as Arizona, often report employee injuries as well. No one expects to get hurt at work, but when they do, workers will take swift action with the help of a law firm. Surprise AZ personal injury claims can lead to businesses paying for their employee’s medical bills, loss of income, pain and suffering, and lost future capacity to earn. This is so that the injured worker can get through the other side of their injury and claim.
Mistakes and negligence
On average, US employees make 118 mistakes every year. Employers are liable for mistakes and negligent behavior from their employees. which may include giving out incorrect information, failing to follow safety protocols, not completing paperwork, and discriminating against others. 11% of employees say they haven’t received adequate training to do their job, so businesses must ensure they provide employees with in-depth training to prevent some of these issues. Clear policies and procedures must also be in place to ensure that employees know what’s expected of them. All employees should be encouraged to report any concerns they have and be reassured that their issues will be dealt with discreetly. When issues arise, you must take swift action to deal with them and not be afraid to take disciplinary action against employees.
Employees bring many advantages to businesses, but they’re also one of your biggest liabilities. For this reason, you must take action to safeguard them and keep your business afloat.