Employees who work in a manufacturing setting are exposed to many potential hazards. Hand tools, power tools and machinery can all be dangerous if handled incorrectly or if proper safety precautions aren’t followed. It’s your responsibility as an employer or supervisor to maintain a safe work environment and protect your employees from injury.
The Occupational Safety and Health Administration estimates that employers spend approximately $4 billion a month for workers’ compensation costs, but these costs are nothing compared to the human cost of injuries or deaths that could have been prevented, if only the correct safety measures had been taken.
Given the stress of starting and running a business, it’s not surprising that small business owners often forget about some lesser-known types of insurance, or try to cut corners by foregoing the basics. Without the right insurance coverage, your business could lose a ton of money in an instant with nothing to back it up financially. Here are some areas small businesses almost always forget to insure.
1. Business Interruption Insurance: Because Disasters Wreck Your Bottom Line
Could your business survive a week or even a month of inactivity? Most can’t take that much lost revenue. Business interruption insurance protects you from losing money when your business cannot operate for a certain period of time.
If, for instance, your building was damaged, business interruption insurance would pay for areas including: Continue reading