Reducing Risk by Driving Workplace Engagement

The single greatest method to improving workplace safety is to engage employees. However, employers should note that engagement and job satisfaction are two different things. While employers want their staff to like their job, engagement is much better for reducing risk. Employees who are engaged have an emotional attachment to their job and take pride in their work. They are more likely to exceed expectations as well.

How Engagement Reduces Risk

Disengaged employees are more likely to have a narrow outlook whereas engaged employees are more aware of their work environment. They look beyond their assigned duties to see how their surroundings may affect their performance. If they notice something is amiss, they will ask questions to address potential workplace hazards. In fact, an engaged workforce is less likely to experience injuries on the job by 50 percent.

How to Improve Employee Engagement

Employers can get an overall feel for engagement with surveys, but this is more likely to provide insight into employee satisfaction. As mentioned above, these are not the same. An employee can be happy but disengaged. The best methods for improving engagement are team collaboration, positive reinforcement, and assigning employees to tasks that allow them to shine. Isolated employees who do not feel appreciated for their work are not going to engage. However, if they feel like they are part of a team or the decision-making process, they will want to participate.

Risk management is a significant element of running a company. Engaging employees is a direct method to reducing risks and improving safety. However, reducing risk does not mean eliminating it. Threats are not always obvious, but a business insurance professional can help. The consultants at The Reilly Company can help your business identify risks before they become a problem. To learn more, contact us today.

Executives Falling Behind on Risk Management

Most executives are aware of the risks their business faces, but they are failing to keep pace with them. One study found that 70 percent of executives believe the risks to their company are greater in number and more complicated than in previous years.

Meanwhile, only a quarter of those executives felt their risk management plan was robust enough to handle the threats to their business. This highlights the disconnect many business owners experience when it comes to business challenges and how to handle them.

Strategic Planning and Leadership

This growing issue is likely the result of failing to incorporate risk management into strategic planning for the company. If executives do not see how risk management advances company goals, it is hard to see its value. Slowly but surely, risk management drops in priority.

A lack of leadership for risk management is often another part of the problem. Less than half of surveyed executives reported having a designated senior staff member to manage risk. Given the increasing complexity of business threats and challenges, companies need dedicated managers to evaluate risks and develop solutions. Without risk management leadership, it falls on individual departments to handle hazards to their section. This results in multiple methods of managing risks with varying degrees of effectiveness.

It can be difficult for business executives to overhaul their risk management strategies. They may feel overwhelmed or unsure where to start making changes. The Reilly Company can help businesses navigate these necessary modifications. Contact us to learn more about how our risk management solutions can help advance your company.

Can Cybersecurity Protect Your Business Against Attacks?

In the early days of cybersecurity, IT professionals divided businesses into those that have been hacked and those that will be hacked. As technology improves and hackers hone their skills, this outlook has become bleaker. Now, IT security specialists view companies as those who know they have been hacked and those that do not.

While it is unlikely that every business in existence has experienced a data breach, the threat is real. Of the plethora of risks businesses face on a day-to-day basis, cyber incidents represent the third largest of them all. Victims are as varying as their attackers are. Large corporations, small businesses, non-profits, and even government organizations are prone to attacks. These cyber aggressors could be hacktivists for a specific social cause, individual attacks for fiscal gain, and more.

Protecting Against Cyberattacks

The situation is not as dire as many in cybersecurity make it seem. Businesses do not need to revert to non-technological forms of communication and data storage, but they do need to protect themselves. The easiest way to do that is with cybersecurity insurance. Unfortunately, many businesses neglect this type of insurance until it is too late.

The first step to managing cyber risk is acknowledging it requires attention and resources. If a business neglected cybersecurity in the past, they need to make it a priority now. This does not just mean preventing cyberattacks. Businesses also need to have a plan in place in the event of a successful breach.

Common Sense Measures

Beyond investing in cybersecurity insurance, businesses should also make sure they are engaging in best practices. Holding cybersecurity training for employees, discouraging sharing passwords, and changing passwords on a regular basis are simple measures employers can take to reduce the likelihood of a security breach. More often than not, hackers obtain their information from unsuspecting employees. If employees know the signs of a scam or suspicious email, they can take the appropriate steps to contain the threat.

Cybersecurity is a multifaceted issue that can be difficult for businesses to navigate. The Reilly Company can help your business understand what cyber protection policies are available to them as well as what type of coverage best suits their needs. To learn more, contact us.

Top Risks Within the Hospitality Industry

The economic recession hit the hospitality industry just as it did other sectors, perhaps even more so. Many businesses did not want to invest funds in travel and individuals began reducing their vacations and leisure activities. However, as the economy recovered the amount of business and leisure travel increased as well. While an upsurge in travelers is good for business, it also poses risks that hotels and other lodging facilities need to address.

Cybersecurity

Customer privacy is a concern that dominates almost every industry. Without a base of reliable clientele, no business can survive. If cyberattacks continually compromise a business, they are unlikely to secure repeat customers. Hotels are popular targets for cyberattacks because they collect a large amount of information about their guests. A hotel may have the address, phone number, credit card number, and more private information about any given guest that is a data goldmine to a hacker. As digital and automated systems become more commonplace, the hospitality industry needs to be aware of new cybersecurity threats as well as methods to address them.

Guest Conduct

Without guests, the hospitality industry could not survive. Even so, visitors pose a litany of threats to profitability. Guests may sue a hotel due to an injury or they can cause extensive property damage. Establishing an internal system to deal with guest safety and destruction of property can help prevent incidents before they occur.

Knowing the risks that face your hospitality business is a crucial step to protecting your investment. The Reilly Company Group can help you address and reduce your risk to achieve your business goals. To learn more, contact us.

Risk Management Strategies to Improve Operations and Control Costs

groupRisk exposure comes in many forms. The process of managing this risk begins with understanding which risks are most likely to jeopardize your business. Once the primary risks have been identified, it’s time to develop practices to combat them. Though it’s impossible to eliminate all potential risks, creating a risk management plan will help to make them much less likely and less punishing for your organization.

  1. Evaluate Your Risk – It’s never too early to evaluate potential risks. As you create your business plan for your new company you can assess, evaluate, and plan for risks in all aspects of your organization: production, marketing, human resources, and real estate.
  2. Acquire Liability Coverages – After you have completed your risk evaluation, you should determine the types of business insurance coverage you need to protect your company, including liability insurance.
  3. Develop Your Plan – Purchasing liability insurance isn’t the only aspect of managing risk. You should also create a risk management plan that lists each potential risk and outlines how your company intends to handle each risk.
  4. Implement the Plan – Part of your risk management plan should include training your employees about company risk management policies. This way if a risk should develop, employees can take steps right away to help mitigate the risk.
  5. Execute, Measure, Refine – Your company’s risk management plan, insurance coverage and employee training should be routinely evaluated and updated to make sure it is relevant to the company’s current needs and potential risks.

If your company doesn’t have a current risk management plan, or you believe your liability coverages may merit review, contact the experts at The Reilly Company.