As the owner of an auto body shop, you are no stranger to unique risks. In fact, risks in your shop can take many forms—from customer-related to employee safety risks. While it may seem tough to pinpoint them all, it is essential that you do your best. Of course, you have garage insurance in place for the worst case scenario but preventing a claim is much better in the long run—the last thing you need is a rising premium!
Over the next couple weeks, we will show you FIVE STEPS that will help you manage the risks in your shop. This week, we have the first three:
#1: Identify. To identify, you may want to sit down with your business partner, managers and even employees. Brainstorm the risks that your business faces, both internal and external. Risks may include: auto theft, damage to inventory, employee injuries, customer fraud, stormy weather, and more. Once you are aware of those risks, you have completed the first step.
#2: Assess. Next, you will want to assess these risks as a whole. If this seems like a tough process, do not worry! Our agents at Wolpert Insurance are here to help you. We can help you determine which risks are the most probable in your shop. You may want to list these from highest to lowest risk, if possible.
#3: Evaluate. Once you have assessed your risks from most to least probable, it is time to figure out whether the identified risks can be avoided, reduced, or mitigated (especially the high-risk ones!) Ask yourself the following questions about each: Is there a way to avoid this risk? How can we reduce this risk? Is there a policy that needs to be in place? Is there NO solution for either avoiding or affording some or all of this risk?
Are you excited to hear what comes NEXT? Be sure to tune into our agency’s blog next week. We will share the two remaining steps! Can you guess what they are?