Annual Risk and Protection Checklist for 2017

Here is your annual reminder!

As you organize your priorities for the New Year, don’t forget to include these on your list.

Seven key risk and protection reminders for your checklist:

We know these factors are important, yet if they’re not immediately urgent, they fall to the bottom of the pile.

An annual schedule for these updates on your calendar is great for avoiding last-minute panic.

  1. Update Asset Lists: Inventories can quickly get out of date. Think about equipment, vehicles, shop and office supplies, computers and software licenses, contact information, etc. Quarterly updates can keep these top of mind. Keep an extra copy of these lists offsite and secure.
  1. Update Asset Values: Replacement cost for buildings, equipment, inventory, etc., can vary from normal inflation for many reasons. Don’t get caught short in the event of a loss. Review your asset list quarterly, and advise your broker if you need increases. If you can’t get these done, schedule “project steps” or consider using an intern to help out.
  1. Schedule Key Dates: Keep track of renewal dates for licenses, leases, service contracts, insurance, vendors’ insurance certifications, website URLs, etc. on multiple calendars. Add notes about who needs a heads-up to be involved.
  1. Insurance Protections: Meet with your insurance professional at least once outside of your renewal period. Ask about new trends in lawsuits, regulations, insurance coverage, and rates. Talk about changes to your business and ask about emerging risks that need your attention. Then block out time for renewal applications and benefit program updates, employee communication, and enrollments.
  1. Safety: This can be vital to employee morale, customer loyalty, and your business’ survival. Make sure your IIPP (injury and illness prevention plan) is up to date as required by state laws. Schedule regular safety committee meetings, document training sessions, and get the right equipment (PPEs). Ask your insurance broker about free insurance company services and inspections. Also, note locations of emergency medical clinics nearest you and all your work sites: each employee should have an appropriate list that’s immediately accessible.
  1. HR Issues and Training: Plan for employee handbook updates, new policies and updated Department of Labor (DOL) and OSHA Schedule employee group discussions and reminders about rules and expectations. Plan for safety training and defensive driving, equipment certifications, harassment and discrimination courses, etc. The right training, when scheduled in advance, can save businesses huge hassles and headaches.
  1. Update Emergency Plans: These “be ready” plans need review and updates on a regular basis. Ensure you have the basic supplies that are appropriate to your location and potential circumstances (flood, windstorm, earthquake, etc.). Encourage employees to have their own supplies and plans for family as well. Contact info must be accessible to all.

Finally, think about the big picture: who are the key people you depend on to be responsible for coordinating your overall risk and protection program? Do they clearly understand your priorities and expectations? Make sure you are delegating with knowledge and oversight, and not abdicating without paying attention.

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