How to Reduce Liability in a High-Risk Industry
Operating a business in a high-risk industry can be tough. If an employee is injured on the job, the company often carries a level of responsibility for the injury. They are legally responsible for protecting the safety of employees. Fortunately for businesses, there are some things that can be done to reduce liability in a high-risk industry.
Carry Additional Insurance
If you feel your business is at a higher risk for accidents, consider carrying additional insurance. Many companies are structured in such a way that they have some degree of liability protection, but it may not be adequate for your needs. There are different types of liability insurance that may be beneficial. Accidents can be expensive events for a business, so having extra insurance can be very helpful. What degree of protection you need is something you will have to decide based on the risks present in your business.
Follow Industry Safety Standards
The vast majority of businesses are subject to the minimum safety standards outlined in OSHA that are designed to protect workers. If your business is in a high-risk industry, they almost certainly apply to you. Make sure you understand what the safety standards are for your industry and follow them to the letter. This reduces both the risk of workplace injury and protects you from being liable for them. You don’t have to just stick to the minimum though. Your company can go above and beyond by following voluntary safety standards. If you find that the minimum safety requirements aren’t enough, consider following voluntary safety standards for added protection.
Ensure Proper Training
Employees in high-risk industries often require special training to do their job safely and correctly. This may come in the form of education, certifications, or licensing, depending on the position. When you hire employees for these positions, it’s vital that you ensure that they have the appropriate qualifications. If you hire someone without them, you may be responsible for making sure that they obtain them within a set timeframe. Provide quality training when additional training is needed, and thoroughly document it. This will help protect your business from under qualified employees or from employees who may claim that they were inadequately trained for their position.
The responsibility for protecting employee safety is something that a business will always carry. It’s equally important for the business to protect itself as well. Carrying additional insurance, following industry safety standards, and ensuring that employees are properly trained can help provide the protection you and your employees need in the event of an unfortunate accident.