Risk Management for Small Businesses

A man holds up a domino with his finger to stop it from falling

Tired of looking for a company that offers risk management for small businesses? Relax, your search ends here.

Canal HR offers small business owners risk management services to support their workers’ compensation by decreasing the possibility of employee-related injuries. Risk management for small businesses is an important investment to take care of your employees and your business.

Every business owner and company is susceptible to risk. No one business is immune, but our risk management team at Canal HR can assist your company in workplace safety while keeping your workers’ compensation costs under control. 

We can show you how to eliminate the worker’s compensation down payment and how you may benefit from our volume buying power.

Risk Management for Small Businesses

Although risk management is available for every business, it’s generally not as affordable for small businesses. When small business owners pursue risk management for their company, they’re usually limited to purchasing standard insurance coverage that inadequately protects their business. 

Risk management for small businesses at Canal HR is available for employers to prevent imminent work-related accidents from occurring. Many employers can get overwhelmed by the responsibility of their employee’s health and safety.

The federal law mandates workers’ compensation programs within every business, but risk management facilitates the administration and compliance with these programs. 

Without effective risk management, small businesses rely on personal experience and intuition to manage risks which can result in harsh negative impacts on their business. 

What is Risk Management? 

Risk management is the process of identifying, analyzing and responding to specific risk factors that a company might face. At Canal HR, we provide risk management for small businesses that is proactive rather than reactive.

Our risk managers can work with you to develop and implement your company’s safety program, including premises and job-site safety inspections and recommendations. We provide further assistance to our clients by planning providing material for safety meetings and investigating your work-related injury claims.

If any fraudulent claims are found while investigating, our team can pursue them so you don’t have to. As we handle the claims management and processing tasks, we keep you updated on your employee’s medical progress. 

Canal HR’s risk managers can attend workers’ compensation mediations and hearings, whenever necessary, on your behalf. We will also help you meet the challenges of obtaining an early-return-to-work program for your injured employees.

The Risk Management Process

Although Canal HR provides an immense amount of resources for risk management for small businesses, it is important for business owners to understand the process as we work toward its implementation. 

1. Identify Potential Risks 

Business owners who are able to identify the types of risks they have are better able to understand the risk management process. The four main types of risks include the following: 

  • Hazard risks – such as fires or injuries
  • Operational risks – employee turnover and manufacturer failure
  • Financial risks – economic recession
  • Strategic risks – competition and reputation 

An organization can better identify their risks through experience or looking back at previous internal data. This step should be revisited frequently since risks are always changing. 

2. Measure Frequency and Severity 

In general, organizations utilize a heat map to measure the likelihood of a risk occurring and its impact. Risk mapping, on the other hand, is a visual measuring tool that showcases the risks that are frequent and severe. 

The level that a potential risk lies on a risk map allows you to identify if they are unlikely and less severe and vice versa. Employers and Canal HR use this map to understand where we need to spend our time and finances and optimize the resources we have available.

3. Explore Alternative Solutions 

During this step, the ways to handle a risk efficiently are assessed. Companies can usually have these options to choose from when assessing risks:

  • Accepting a risk involves organizations allowing something to occur because the benefits outweigh the risks.
  • Avoiding risks means that the organization will not participate in a specific activity.
  • Controlling a risk includes the organization’s involvement in preventative measures or to reduce the effects if the risk occurs.
  • Transferring risks involves giving responsibility for any negative outcomes to another party.

Our team at Canal HR will examine your company’s solutions to assessing a risk so that you can properly implement your risk management system. 

4. Determine and Implement the Solution 

Once all possible solutions have been evaluated, organizations must choose the solution that will produce the most desirable outcomes. 

Canal HR will help you modify or create your company’s risk management plan to correlate with the risk strategies chosen in this step. We will guide you in setting a formal process to implement the plan consistently throughout your organization. 

5. Monitor Results 

Risk management for small businesses is a continuous process that can’t be put on the back burner. The work environment and conditions pose changes that inevitably come with risk, making it critical to refresh yourself on the process so you can effectively adapt to the changing environment. 

Luckily for business owners, the professionals at Canal HR can help you stay updated on the risk management process and the best practices. With an understanding of risk management itself and the collaboration with Canal HR, organizations can anticipate long-term safety and profitability. 

Canal HR’s Risk Management for Small Businesses

If you haven’t invested in quality risk management yet, Canal HR welcomes you to reach out and connect to our team to learn more about how we can help your business protect your employees at a fraction of the cost.   

Let Canal HR provide you with affordable and skillful risk management for your business today. Contact us to schedule a free consultation.

FREE Prescription Drug Card

Free Your Company From Time-Consuming Personnel Management TODAY!