Common Business Mishaps

By on September 17, 2019
Business

Owning a business is a big responsibility that requires a lot of hard work, delegation and determination. There are many moments along the journey when you’ll feel great satisfaction in what you do and the benefits of being your own boss will seemingly never fade. There are also times however when everything appears to be going wrong and it’s difficult to see the light at the end of the tunnel. 

A good business owner will always plan for every eventuality and preparing for the worst will make a successful result feel so much more satisfying. You can never guarantee how well your product or service will be received. 

It’s not just the profit and loss spreadsheet you need to be concerned about if you have a handful of employees working under your roof, as their wellbeing and safety will always need to be top of the list. 

Employee satisfaction is key to the smooth running of your office procedures and unfortunately, their hard work can sometimes be overlooked. When starting up a business or evaluating one that is already in place, it’s important to make sure you’re covered for any scenario that comes your way and professional liability insurance can help you here. 

Injury In The Workplace

Even within all the health and safety procedures put in place, accidents and injuries in the workplace can sometimes be unavoidable and professional liability insurance will protect you here. 

Enhance your protection by logging how the accident happened, and ask for a statement from the injuries party and any witnesses that were there at the time. Offer a health and safety handbook to all new employees when they arrive and outline that one is available to access at all times. 

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Incorrect Financial Predictions

Forecasting how your business is going to perform in the next financial year is never a simple task to do, as markets are always susceptible to change, but board members and investors require the information be available to them so they can get a clear understanding of how the business is expected to perform. Negotiations with suppliers and stockists will be based around these predictions which can don’t always go exactly to plan. 

If your businesses’ cash flow is not behaving as you had hoped it would, then it can throw a huge spanner in the works when it comes to supply and demand. This then results in you not fulfilling the contracts you had agreed. If this affects your partnerships in a negative way, then there is a chance that you could end up being sued. Your insurance will ensure that you are protected against a claim should a client experience financial harm due to your mistake. 

Procedure Mistakes

Office procedures are put in place to ensure every task is completed correctly from start to finish and provide continuity in the workplace for employees to follow. It’s important that your business is not negatively affected when a knowledgeable employee decides to leave. Procedures ensure the task can still be fulfilled, even if a new employee were to join the team. When procedures go wrong, it can have a negative effect on how your business operates, resulting in delays and potential product errors down the line. If anything is damaged in the workplace due to a procedure not being followed, your insurance should cover you for this. 

Keep on top of business mishaps and check what your insurance will cover you for, remember to evaluate and re-access on an annual basis. If your business has expanded quickly over the last few years, your insurance may no longer cover the number of products you store or the number of individuals you employ. Make sure your administration requirements are up to date. 

 

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Common Business Mishaps