'Tis the season for holiday mishaps to strike. For business owners, one small accident, mistake, or misstep could mean a big claim. If you want to be sure your holidays stay jolly, here are a few ways to reduce holiday-related risks.
Avoid Holiday Party Risks
Want to increase the risks of sexual harassment incidents, commercial auto claims, or bodily injury claims? Just add alcohol to your holiday parties or events.
Holiday parties are a great way to show appreciation for your team and all the hard work they contributed over the year.
Unfortunately, when your holiday party includes alcohol, you immediately increase the risks of accidents, injuries, and sexual harassment claims.
A few too many holiday drinks, and suddenly, Sheila from accounting thinks it's funny to use a sprig of mistletoe as an excuse to go lip-to-lip with the new sales hire.
A couple of cocktails and Jorge is trying to hang holiday decorations atop the 12-foot ladder.
After too many alcoholic beverages, your regional director crashed the company car on his way home from the office party.
Too many libations and Libby's high heels send her slip-and-sliding across the polished parquet floors.
The shattered beer glass that Bob dropped on the floor is a workers' comp claim waiting to happen.
You want to celebrate with your employees and show them a good time at the end of the year. But adding alcohol to the mix increases these risks and more.
Reduce alcohol-related holiday party risks:
- Limit alcohol by providing a preset number of drink tickets.
- Plan a holiday party in the middle of the day rather than a weekend evening.
- Pick a fun activity for the group that doesn't involve alcohol.
- Encourage leadership to model appropriate behavior.
- Provide transportation services for those who overdo it.
Can you insure against it? Employment practices liability insurance (EPLI) protects businesses from legal costs and damages related to employment-related claims, including sexual harassment claims. And workers compensation insurance can help safeguard workers injured at work (or a work-related event).
Avoid Winter Weather Risks
From rainfall to snowfall and freezing temperatures, your commercial property and vehicles can experience weather damage during winter.
Taking steps to winter-weather-proof your commercial property and vehicles can help protect your investment, particularly if you close your business for an extended period during the holidays.
- Maintain a minimum internal temperature for your building of 40 degrees Fahrenheit.
- Stay on top of snow removal and keep driveways and walkways cleared.
- Apply anti-icing agents on walkways, driveways, and parking lots to protect employees from slipping.
- Park unused vehicles in garages or under covered parking spaces.
- Winterize your company cars.
- Keep a list of contractors, equipment, and parts suppliers that can respond to building weather problems.
You can avoid claims for building and vehicle damage resulting from winter weather damage by checking weather conditions, preparing your building and cars, and staying on top of maintenance during the winter months.
Can you insure against it? Be sure your commercial property and auto policies are up-to-date, and check your coverage. Most policies should cover weather-related incidents, but your insurance professional can help you understand what's included in your policy and what's not.
Avoid Seasonal Scammers
The holiday season encourages cyber hackers and scammers, who may be phishing for sensitive personal information, gift cards, access to your network, and other valuable information from you and your employees.
Educate your employees about common phishing scams. For example, you probably won't ever text them from an unrecognized phone number and ask them to run to the store to pick up gift cards for a client, so let them know to ignore any such suspicious requests.
Remind your employees of the importance of strong passwords and setting up two-factor authentication.
Conduct an annual cyber security training session so they know the risks and how to avoid them.
Outline procedures for reporting suspicious scams, hacks, or data breach attempts.
The holidays can be a bit distracting, even for your most dedicated workers. It can be easy to accidentally click on a link or respond to a message that looks legitimate during the hustle and bustle of the season. Cybersecurity training and best practices can help your team stay aware and reduce the chances of a hack that could devastate your business.
Can you insure against it? A cyber insurance policy can offer you a safety net in the event of a hack or data breach. Check with your insurance professional to see what kind of cyber protection will best help your business with the costs of ransomware attacks, data breaches, and other cyber incidents.
With a little bit of risk management and the right insurance policies in place, you can avoid holiday business risks this season and protect your employees and assets.