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Your Guide to Proper Risk Management for Your Self Storage Business
Posted 9/28/2017
 
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Whether you are managing one storage facility or many across multiple states, there is a considerable amount of risk involved. Keeping your employees safe from harm is a top priority, however you need to protect your culture and overall business as well.

Proper risk management revolves around proactive thinking and a “better safe than sorry” approach. Otherwise you could face serious disruptions or loss of business due to accidents or lawsuits. The following provides more insight as to what goes into protecting your business along with some of the best steps you can take to avoid possible issues:

Compliance

There is a long list of protections and workplace expectations of which business owners and managers need to be aware. An HR outsourcing partner is a vital resource for accounting for the different solutions and steps that go into complying with payroll, benefits and other standards for your employees.

In addition, your office or workplace faces a number of rules and regulations. Many of these are governed by the Occupational Safety and Health Administration and it is critical that your business is methodical in following all expectations and guidelines. Not only do you avoid penalties or the possibility of a lawsuit, but you can apply best practices related to physical and emotional safety.

Different industries also face more specific safety laws. A law firm, for example, must comply with unique regulations, as does a marketing company or a manufacturing plant. No matter the line of work of your business, take the time to learn about and account for all federal, state and local regulations. Your actions will keep employees safe and avoid possible fallout from an incident or act of noncompliance. Keeping employees and customers safe from harm is a complicated but important pursuit.

Assessing Your Work Space

Regulations can only go so far when it comes to addressing possible hazards. Lawmakers do not know your specific workspace, so take the time to regularly inspect your facilities beyond inspections to uncover possible risk.

Physical safety is just one piece to this puzzle. Emotional well-being is also essential, mainly because employees can file abuse, intimidation, wrongful termination or other suits if they feel mistreated or unsafe. You need to have a full, honest assessment of your company culture and policies to keep your staff happy and avoid the risk of litigation.

As Chron found, a single suit can cost a business thousands of dollars in settlement fees, penalties and legal costs. Additionally, the public relations fallout, even if your business is not formally charged, can be just as damaging in some instances.

Working with Employees

To better prepare for moments where an employee might worry about his or her emotional or physical safety, speak directly with employees. Talking with employees can not only highlight the most pertinent risks, but also develop the best policies and strategies to minimize possible harm and better protect your business.

Holding regular trainings for your employees is an essential part of mitigating risk. There are a number of informative, meaningful sessions that are required by law and give your staff the tools to be safer and address possible concerns outright. Trainings 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. An HR outsourcing partner can be helpful in this instance. Most HR outsourcing organizations offer risk solutions and are able to provide the necessary guidance and support. Regular meetings and trainings are crucial.

Preparing for the Unexpected

Ultimately, the best approach to mitigating risk is proactivity. From a small fire to a fight between employees, intervening early to reduce the possibility of a damaging event is essential. Any steps that limit the number of hazards for your employees or workspace is beneficial.

At the same time, employees are increasingly aware of the experience of their peers at competing companies. Online sites that catalog workplace successes and failures make it clear which companies are investing in employee safety and well-being, and which organizations have disgruntled or concerned staff. By ensuring that your workplace and team members are as cared for as possible, you can stand out from competitors and begin to attract the most talented candidates.

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 policies. With this insurance, your organization is insulated from unforeseen payouts and expenses due to injury. An HR outsourcing partner can help connect your business with the most highly rated carriers that offer pay-as-you-go payment models and other flexible packages.

From natural disasters to HR disputes, your business faces considerable risk. Work with an HR outsourcing partner to develop the best solutions to keep your organization safe.

To find out how AlphaStaff can provide storage owners with the tools and services needed to educate on safety and risk management please contact Vice President of Strategic Business Development, Jeniece Carter-Henson, at JHenson@AlphaStaff.com or at 727.365.6722.

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