Unforeseen events are a fact of life when you run a small business. Whether minor, such as an equipment failure that shuts down production for a couple of hours, or catastrophic, such as a workplace violence occurrence, the negative incidents that catch you unaware always have an impact.
Effective risk management, the practice of foreseeing potential risks and assessing and controlling threats to your organization’s capital and earnings, helps you keep workers safe, mitigate legal exposure and avoid expensive non-compliance fines.
Hiring a PEO for risk management benefits your business in several ways:
1. Draws on Deep Risk Management Experience with Other Small Organizations
We utilize our experience and knowledge to help clients achieve their safety and compliance goals every day. Our safety consultants work hand-in-hand with you and your team to provide best practices for avoiding and managing any unfortunate accidents.
From mock OSHA audits that identify potential job site risks that could raise red flags with OSHA to CPR training and individual safety training, we take a very personalized approach to making sure you, your employees and your workplace are safe.
2. Shares Best Practices for Avoiding and Managing Workplace Accidents
For example, Axcet HR Solutions, a Kansas City-based PEO, includes a mock Occupational Health and Safety Administration audit in its assessments to identify job-site risks that could raise red flags with OSHA.
3. Works Jointly With You To Create a Customized Risk Management Plan
Your custom plan is focused on correcting problems, preventing as many risks as possible and effectively managing the threats you can’t prevent. Oftentimes, PEOs uncover risks that business owners were previously unaware of.
4. Helps Business Owners Avert Potential Hazards
A PEO watches for and lets you know about potential new hazards that may arise as your business grows and as regulations evolve. Hazards vary from one industry to another and from one business entity to another. That said, when it comes to potential hazards, although not completely inclusive, typically those hazards can be included in one of these five categories:
5. Monitors Risk Mitigation Measures
As with most strategies, monitoring helps to improve efficiencies, determine if the strategies in place are effective and may even reveal new risks. A PEO continually engages in risk monitoring to ensure your mitigation measures are effective.
OSHA 300 is a form for employers to record and summarize all reportable injuries and illnesses that occur in the workplace during that calendar year. The summary must include where and when the injury or illness occurred, the nature of it, the name and job title of the employee who was injured or fell sick, and the number of days that the employee spent away from work or on restricted or light duty.
When you outsourced risk management to a PEO, the PEO assumes the responsibility of OSHA 300 recordkeeping for your business. In doing so, the risk of fines clients otherwise could incur for incorrect data reporting is removed.
Safety training is provided for your employees to underscore your company’s safety policies.
Workers who understand and follow the established processes and protocols are more likely to remain safe on the job.
Safety training helps reduce the risk of workplace accidents and injuries, which can have serious consequences for both employees and the business. A business that prioritizes safety is likely to have a positive reputation, which can help attract and retain customers and employees.
Additionally, employees who feel safe and confident in their work environment are more likely to be productive, have higher morale and contribute to positive work culture.
8. Fully Handles Risk Management Claims on Your Behalf
If a worker is injured on the job and the injury results in a workers’ compensation claim, a PEO’s risk management team can handle every aspect of the claim to minimize your losses.