As a business owner, you face potential risk on numerous fronts. That may sound a bit dramatic at first, but it’s reality.
Depending on your industry, product or service, you have a certain level of risk baked right into your business model – especially if your employees operate vehicles, heavy equipment or specialized machinery. Or maybe you’re in healthcare or employ first responders, who are being challenged in today’s landscape like never before. But an element of risk is present in any business. And you need to be proactive in managing it. Above all else, it’s on you to keep your company safe at all times and to ensure that employees leave work the same way they arrived, which hopefully was healthy, secure and injury free.
Profitability Pillar 3: Safety & Risk Management
Safety and risk management are specialty areas – but not your specialty. As a responsible business owner, you’re well versed and conscientious about these critical areas, but there are professionals who focus on nothing else. They are part of the team of specialists you have at your disposal when you work with a professional employer organization, or PEO, a business partner company that provides comprehensive HR solutions tailored to your company needs.
Your PEO assumes the risk associated with your business operations. This means investigating and underwriting every potential exposure. This is a huge load off your plate.
During the underwriting phase of your partnership, your PEO will determine your company’s current risk profile. Depending on the outcome, a decision is made whether or not you qualifty for the PEO’s master workers’ compensation policy or you will need to be on a separate policy of your own. If your risk requires some degree of rehabilitation, your PEO can still enroll you as a client, but will likely want to cover your company on a policy written in its own name. This is called a carve out policy, because a PEO’s master policy is reserved for clients whose risk profile doesn’t pose a disproportionately higher risk to the overall plan.
- This is where a PEO’s true risk management responsibilities begin. Their goal is to work with their clients to rehab their risk through proactive safety engineering. Then, their client can benefit from the cost savings of being on their master plan.
What about Covid-19?
As challenging as managing worksite risk can be, it has been made exponentially more difficult by the ongoing Covid-19 crisis. When the pandemic first hit nearly a year ago, employers wondered: Will infections be treated as workplace recordable incidents? And, how could the source of an infected worker’s contamination be proved or disproved? Like so many aspects of Covid-19, circumstances continue to change as weeks and months go by.
- Whatever current circumstances and details entail, your PEO pros will keep you up to date on current developments so you remain 100-percent compliant and safe.
How Can a PEO Help?
The sole focus of Lyons HR’s risk management team is to identify risk and help you develop effective safety plans to meet your unique business needs. Our experts stay on top of all current regulations, so you can rest assured that your company is safe and its reputation is secure. Read more here or contact us today to set up an informational meeting.