Every business needs a safety plan

63971409 - business partners walking up stairsThink businesses that have primarily office workers don’t have to worry about workplace safety and risk management? Think again! Accidents happen in all kinds of companies. In fact, many workers’ comp claims are made by workers who spend much of their time behind a desk — not at a construction site or in a manufacturing facility.

As a business grows, so does its risk of costly accidents and injuries. Nationwide, occupational injuries cost companies nearly $170 billion each year. Injuries and/or accidents can hurt and even cripple a growing company. That’s why preventing them should be a priority for even the smallest of companies. Plus, providing your employees with a safe working environment is the right thing to do.

At Accurate Protection, we specialize in working with companies that don’t have the resources to employ a full- time risk manager. We consider ourselves to be outsourced risk managers for growth-oriented medium sized companies. We provide risk-reducing strategies, programs and comprehensive safety materials that reduce your chance for loss. Once you’re better at managing your company’s risks, we educate underwriters about your company and build positive carrier relationships on your behalf. By demonstrating your commitment to decrease risk and support safety, we can help you capture lower long-term insurance premiums.

What are some of the ways employees injure themselves in the office environment? At the office, slips, trips and falls are the most common hazards. Look around for uneven surfaces, torn carpet or anything else that could cause someone to trip and fall. Clean up any spills immediately and address any surfaces that become slippery, especially during the winter months. You may want to consider having an ergonomics expert make sure your workstations are designed so that they meet basic rules for preventing repetitive injuries. Lifting heavy objects — the wrong way — can also result in injuries at the office.

If your employees drive for business, make sure you have a safe-driving policy and consider banning cellphone use by employees who drive on the job. Another important thing you can do? Create a culture where employees know they can take breaks to stretch and rest their muscles and their eyes.

Want to learn more? Visit our website: https://accurateprotection.com/. And give us a call at (404) 907-2121 x701 .

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What your business needs to know about fiduciary liability

Your business, like many, likely offers employees certain benefits to employees like 401(k) plans, health insurance, and disability insurance. While these are important factors in your employees staying on withman and woman signing contract paper your company or new employees accepting offers of employment, it adds an additional layer of financial responsibility and compliance for your business. The Employee Retirement Income Security Act (ERISA) states that anyone who is overseeing employee benefits can be held liable for mismanagement of these benefits.

The best way to protect yourself and your business from the potential compliance errors is through fiduciary liability, as this kind of policy covers any associated legal costs to defend against claims of errors and a breach of fiduciary duty. If you’ve never heard of this kind of liability insurance, you’re not alone. ERISA doesn’t require it, but it’s a good idea for your business to consider this type of coverage to ensure that your business isn’t at increased risk.

Here’s what to know about financial liability policies: Fiduciary liability protects you and any of your employees — such as HR staff — who are involved in the administration of your 401(k), health and disability plans. If your staff or business are found in breach of their fiduciary duty in managing these benefits, personal assets including car, home, and bank accounts, etc. can be at risk.

According to a Tillinghast survey, mounting a defense in the event of financial mismanagement can cost a business an average of $365K and with a settlement average of $994K. The Department of Labor holds the individual company responsible for the vetting and monitoring outside benefits vendors, so the liability for error rests with the business.

While ERISA doesn’t require financial liability insurance, it does require an ERISA Bond. What’s the difference? An ERISA Bond protects the benefit plan participants from loss due to fraud or dishonesty. This protects the employees who have money invested in a 401(k), for instance, from losing assets due to fraud and theft. Fiduciary liability is insurance that offers defense coverage and protection for the fiduciaries from lawsuits. In the event of mismanagement, you could be sued by:

  • Plan participants
  • Participants’ legal estates
  • Plan beneficiaries
  • Internal Revenue Service
  • Department of Labor
  • Securities and Exchange Commissions and
  • State Attorney General

Fiduciary liability could be a critical piece of coverage for your business. To get a quote or find out more about this important type of policy, get in touch with our office today.

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