Blog & Articles - Gibb Insurance

Time for a Business Review

Time for a Business Review
As a business owner, you might be caught up in the day to day running of your business. It might not be on the top of your extensive ‘to do’ list; but for you, your family, your partners’ and your business’s sake, it’s essential to sit down and spend time ‘on’ your business.

Considerations for business owners 

If you own a business with a physical location, take the time to evaluate your business; walking in the shoes of your employees and customers. 

  • Review parking safety issues, such as lighting, surface, and inclement weather issues.
  • Review potential access, entryway, location concerns and potential slip and fall causes such as poor drainage, slippery surfaces, etc.
  • Create a system to document any issues that may arise with responsiveness, videos, photographs, witness and employee statements.
Every business needs a continuity plan

If you’re unable to run your business, will the business still be able to operate effectively? Consider documenting and creating a continuity plan for the following:

  • Information regarding suppliers, customer information, customer service and dispute resolution, guarantees, delivery, key resource providers, financial information and access.
  • All essential communication issues, such as phone numbers, addresses, log in and password information.
Employee health and safety

With regard to employee health and safety issues, it’s always best to consider ‘prevention’ rather than ‘management’.

Protecting your business

  • Is your business’s inventory, vehicles and location properly insured?
  • Is your liability insurance sufficient?
  • Has your business experienced recent growth or expansion?
Create a system for ‘in case of’ emergencies

  • Power outages and/or natural disasters
  • Computer or connectivity failure 
  • Owner or employee absence: Can the duties of one employee be easily assumed by another? Can your business adequately operate without you? 
Consider cross training your employees to ensure that all aspects of your business is covered in case of emergency. Creating systems can be as easy as documenting with paper files and/or secure online videos of ‘what to do in case of…’  

It’s recommended that all the above suggestions are tested and reviewed on a minimum yearly basis or according to personal or relevant changes in your business. If you have questions regarding your business’s insurance needs, please reach out to us at 519-736-8228, we’d be pleased to help you.