The Surprising Business Risks You May Not Think About

Risk control consultants are the preventative care professionals of business insurance. They can help you detect potential hazards to your business’s well-being and help you understand what actions you can take to keep things healthy.

Good news: Qualifying customers who have business insurance with us have access to customized risk control services. That’s just one more way we’re looking out for you. Learn more: How an ERIE Risk Control Consultant Can Help You

We asked our team of risk control consultants for an insider’s perspective on what consultants look for – and the surprising things they find.

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How to Manage Business Risk

To get things started, let us know that you’re interested in focusing on risk control for your business. Our professional consultants can offer many resources to help, including a walk-through for businesses who qualify. They’re looking for ways for you to mitigate risks by identifying potential loss exposures and providing information on solutions you can implement to control and/or eliminate them.

Our consultants have specialized areas of knowledge – property, commercial auto, workers’ compensation, products liability and construction/contracting – to better meet customers’ needs.

Their keen eyes are quick to spot things you might expect, such as fire protection. However, there are a few less obvious risks that are equally as common and – in some cases – on the rise.

Types of Risk Your Business Could Face

You know the ins and outs of your business better than anyone. So, what might a risk control consultant be able to see that you might not?

Here are a few surprising trends Risk Control has noticed:

Lack of commitment from management. There are multiple rules and regulations, depending on the industry, that aim at providing safe workplace environment. A recent OSHA study found that non-fatal workplace injuries cost businesses more than $1 billion a week.

With that in mind, our risk control team says the first thing they notice is management controls to determine the commitment to workplace safety. It’s an important thing consultants look at, noting that often companies that have management support tend to have better safety records and also tend to be more productive.

Data breaches caused by your company. According to the Insurance Information Institute, credit card fraud and employment-related fraud are two of the top five ways consumers fall victim to identify theft. It’s the area of risk our risk control team says they see grow the fastest. Having iron-clad cyber security safeguards against hacks and the right coverage is the best way to prevent your company from experiencing, or potentially causing, a data breach.

Related Reading: Cyber Insurance: Protecting Small Businesses form Social Engineer Fraud

Employees distracted behind the wheel. The Insurance Institute for Highway Safety’s distracted driving study found that 64% of fatal crashes during 2021 were caused by just general distraction like daydreaming. Drivers of commercial vehicles are no exception to this scary statistic and our risk control team has seen a spike in commercial auto claims, which can affect your insurance rates and everyone’s safety. Does your business employ a no cell phone policy for your drivers? If your drivers have to use GPS, is it hands-free?
Placing agreements with the “out-of-sight, out-of-mind” philosophy. Legal agreements are often filled with legal terminology containing arcane language. Contracts can become even more confusing when they determine what risks a service provider, subcontractor or other party assumes during a business agreement. Contractual risk transfer is an important protective measure that may save a business money and time in the event of litigation.

Our Approach to Risk Control

Providing preventative plans addressing these risks and more is where our risk control consultants shine. Here are some examples of the support they may offer to business customers at no additional fee:

Access to Resources. For qualifying customers, consultants offer a wide range of risk control services, including OSHA Outreach Training Programs, customized written safety programs and disaster planning resources from The Insurance Institute for Business & Home Safety.
Support that isn’t just for the big guys. We offer follow-up consultations to help businesses, whether you’re a large business with multiple employees, or a small business just getting your feet wet. If you want follow-up assessments or training for your business, ask our agents how they can help.
A close working relationship with your agent. Your agent is a business owner in your community, just like you. They know what it takes to keep a small business running—and what you need to protect it.

Schedule your risk assessment today. Contact us today to get started.

We asked our team of risk control consultants for an insider’s perspective on what consultants look for – and the surprising things they find.

ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.

The insurance products and rates, if applicable, described in this blog are in effect as of January 2024 and may be changed at any time.

Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions.

The insurance products and services described in this blog are not offered in all states. ERIE life insurance and annuity products are not available in New York. ERIE Medicare supplement products are not available in the District of Columbia or New York. ERIE long term care products are not available in the District of Columbia and New York.

Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.

Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.