No matter what kind of business you’re in, you carry some level of risk. Protecting your business with the right risk management solutions can protect you from violations and litigation, preserving your valuable time and money.
We can connect you with PEOs who can explain how you can manage government regulations, avoid legal disputes, understand the hazards of workers’ compensation risks, and lower your company’s risk profile.
Risk management consultants can partner with you to significantly reduce the risks to your business, no matter what industry or field you work in. At NetPEO, we help both small businesses and corporations find the right risk management consultants, human resources professionals, and PEOs to best suit their needs.
Why does My Business Need Risk Management Consulting?
Risk is an important factor to remember when you own a business. Whether you are late on paying your taxes or your employees are at risk of injuring themselves on the premises, every business has some risk.
When a risk becomes a problem, it can cause you to lose money. In some cases, businesses may lose so much money that they end up out of business entirely.
A risk manager can point out risks you may not even realize you have and also help you to avoid previously unnoticed pitfalls that can affect your business.
Risk Analysis Can Protect Your Business
Your organization can be shielded from a significant amount of risk with the right preparation and policies in place. A risk management consulting service can evaluate the potential operational hazards of your company by performing a comprehensive risk analysis.
When you bring value to the marketplace, you are meeting a unique need. Otherwise, you wouldn’t exist. The processes and procedures you use are specific to your own business and you will have a set of risks that even similar organizations to yours will not have.
Discovering these specific risks and evaluating how they can be addressed can be critical to the success of your company. You may have a handle on the majority of risks involved in your business, but if you don’t take the steps to uncover the risks you aren’t aware of, you can be blindsided
It is often the unexpected risks that cause the most damage. However, a risk management consultant can help you to define these challenges and provide sound guidance on how to avoid the risk or reduce the impact if a risk should become a problem.
Reduce Risks Associated With Employee Claims and Lawsuits
You could be doing everything right and yet an employee of yours doesn’t see it that way. A manager could make a critical mistake that lands you in litigation. Some things are outside of your control when you have employees, so you must take every step you can to protect yourself and your business.
Whether it is for sexual harassment, workplace injury, wrongful termination, or a cybersecurity breach, an employee can file a lawsuit against your business that can have a dramatic impact on your organization. A lawsuit can cost you in more ways than one, including:
- Altered public perception of your company
- Costly legal fees
- Years of litigation
- Employee morale issues
- Loss of productivity
- Expensive fines
- Judgments or settlements against your business
A risk management consulting service can help you remain compliant to avoid these types of situations, but can also provide you with insurance options to protect you from the costs associated with these risks.
A comprehensive insurance package will cover legal expenses you could incur from an employee lawsuit and can support you if you need to pay a judgment to settle the case.
State and Federal Labor Law Compliance
If your organization fails to comply with these laws, you may suffer significant fines and other penalties. A risk management consulting service can ensure that you are labor law compliant to shield yourself from the risk of fines or litigation.
As soon as you hire your first employee, you must comply with state and federal labor laws. A PEO can help you comply with labor laws like the Fair Labor Standards Act (FLSA) and the Occupational Safety and Health Act (OSHA).
For employees who decide to leave the company or whom you terminate, you may also have to follow the Consolidated Omnibus Budget Reconciliation Act (COBRA). COBRA applies to businesses with 20 or more employees. This act allows past employees to continue their health care coverage for a short time after they leave their job until they can get a new one.