Business owners understand the importance of protecting themselves against such threats as fire, theft, and liability claims. However, each year there are new, emerging threats that businesses must be aware of so they can take appropriate precautions and mitigate those risks. In today's Aegis blog post, we look at growing risks business owners should consider and how they can better protect themselves against these threats.

Global Health Concerns

Employers are facing unprecedented times as the nation and global economy copes with the spread of and concern regarding the coronavirus. For some businesses this illness has created a dual risk as many industries face the loss of income from concerned customers as well as employee shortages from those staying home due to potential exposure. Since commercial insurance coverage will not typically cover losses related to pandemics or illnesses, companies can still mitigate risks and losses by reassuring customers of their commitment to health and safety, and requiring workers who exhibit any signs of illness to stay home.

Lack Of Skilled Workers

Although unemployment rates have remained relatively low, there is still a growing shortage of skilled laborers entering the workforce. Because fewer young people are pursuing labor trades or acquiring technical training, there are a larger number of unfilled jobs across various industries, which ultimately hurts businesses. Companies can help offset these labor shortages by offering training sessions for new hires or offering trade school tuition reimbursement for existing workers.

Injuries or Accidents Involving New Technology

In recent years, companies across all industries have adopted newer technologies in order to improve efficiency and safety, but new technology does not guarantee total worker or customer safety. In fact, a heavy reliance on technology can make workplaces less safe because safety guidelines might be ignored or overlooked. Companies can reduce possible employee or customer injuries and accidents, as well as related Workers Compensation and General Liability claims, by reinforcing technology safety guidelines. Thorough training can go a long way in promoting workplace safety.

Companies should not live in fear of every single threat out there, but there are simple proactive steps that can be taken in order to protect the future of their business and minimize potential risks. Aegis Insurance & Financial Services is committed to helping companies get the protection they need through comprehensive commercial insurance coverage, including Workers Compensation Coverage, General and Excess Liability Coverage, Business Interruption Coverage, and many more. Contact Aegis Insurance & Financial Services today for more information, or fill out our online form to request a free quote!