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Risky Business: Tips for Proper Risk Management
Posted 5/25/2017
 
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It is no secret that there is a considerable amount of risk when starting a self storage business. Proper risk management revolves around proactive thinking and a “better safe than sorry” approach. If you are not serious about safety, you could face disruptions or loss of business due to accidents or lawsuits. The following are several items to consider when assessing your self storage organization’s risk management, along with steps you can take to avoid possible issues:

Compliance

There is a long list of protections and workplace expectations of which self storage owners and managers need to be aware.

Self storage businesses face a number of rules and regulations, many of which are governed by the Occupational Safety and Health Administration (OSHA). It is critical that your facility is methodical in following their expectations and guidelines, along with the regulations put in place at federal, state and local levels. 

By following these rules, you will keep employees safe and avoid possible fallout from an incident or unforeseen act of noncompliance. HR outsourcing organizations can be a vital resource in helping your organization navigate the complex workplace rules in areas of risk, HR, payroll and employee benefits.

Assess your work space

Regulations can only go so far when it comes to addressing possible hazards. Lawmakers are not familiar with each individual workspace, so take the time to regularly inspect your facilities to uncover possible risk.

Physical safety is just one piece to this puzzle. Emotional well-being is also essential, mainly because employees are protected by several regulations that allow them to file suit if they feel mistreated or unsafe. Your organization’s leadership should regularly assess your culture and policies to ensure that staff members are content, thus avoiding the risk of litigation.

A single suit can cost a business thousands of dollars in settlement fees, penalties and legal costs. In some instances, the public relations fallout, even if your business is not formally charged, can be even more damaging.

Work with employees

Talk to your employees on a regular basis and ask them how they are doing. This type of communication can aid in highlighting the most pertinent risks and develop the best policies and strategies to reduce your self storage business’ overall liability.

Additionally, holding regular trainings for your employees is an essential part of mitigating risk. There are several informative, meaningful sessions, required by law, that address possible concerns. These trainings can show every employee, from an entry-level position to an executive, that certain rules and protocols are not to be ignored. They also demonstrate that everyone is responsible for adhering to safety and behavioral standards.

To hold a successful training session, ensure the person presenting has the tools and knowledge to be effective. This is another circumstance where an HR outsourcing organization can be of assistance.

The importance of staying covered

Even the most forward-thinking businesses can still face difficult challenges despite their best efforts. For that reason, a proactive culture still needs to be supplemented with insurance.

There are many different forms of protection that businesses can purchase. Worker’s compensation insurance, for example, is a wise investment beyond manufacturing, construction or similar industries. With this insurance, your organization is insulated from unforeseen payouts and expenses due to injury.

From claims management to safety trainings, AlphaStaff’s risk professionals are trained to help self storage owners and managers protect their business. AlphaStaff can connect your business with highly rated insurance carriers that offer pay-as-you-go options and other insurance packages. To learn more, please contact Vice President of Strategic Business Development and head of the AlphaStaff Self Storage Division, Jeniece Carter-Henson at JHenson@AlphaStaff.com or 727.365.6722.

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