Is Insurance Enough? continued… The value of HR Support


Recently, we introduced the idea that a good insurance policy may not be fully sufficient if youre striving for true, overall risk management of your business. If you missed that message, you can catch up here.

There are lots of approaches you can take, in a non-insurance way, to gain confidence in your companys long-term stability. The first one well dig into is HR Support.

HR Support can be defined as any of the following:

  • Onboarding and Termination
  • Job Description Builder/Postings
  • Employee Retention
  • Benefits Management
  • Employee Leave and Time Off
  • Compensation and Bonus Structures
  • Employee Handbooks
  • State and Federal Regulations
  • Safety and Health in the Workplace
  • Tax Filing, Credits, Compliance, etc
  • Retirement Planning and Exit Strategies

There are resources, such as the program we use for our partners and clients, called Mineral (formerly Think HR) that provide countless tools for topics such as these. If you aren’t currently putting effort into these assessments… That have nothing to do with your insurance coverage You may be at a higher risk than you realize. And keeping a good team smoothly operating is too valuable to chance that.

Were happy to help guide you through some of these things when you’re ready. And don’t miss our next deep dive in the Is Insurance Enough? A Riveting Series: Part 3 where well talk about ERISA Compliance.

Is an insurance policy enough?


We can probably all agree that it’s the responsibility of the business owner, decision maker, HR or Office Manager to be sure the business is protected in the best way possible. Protected in the form of locking the doors and setting the alarm at night, but also protected in the form of knowing that everything will be okay in the event of an unexpected disaster.

Some may argue that you can only prepare so much but having confidence in the state of the company and reassurance that you did everything you could to sustain even a major curveball you can’t put a price on that. But is having a good insurance policy enough? Sure, it would help with damages to your building. Or to your company truck. Or if there’s a break-in, a fire, water damage Insurance is hugely helpful in lots of ways. If an employee gets hurt, if they make a mistake on a jobsite, if someone steals from you We could be here all day with those examples.

But even if you understand the value of insurance, max out your coverage, and are the most adequately insured business owner in the county Is it enough to truly protect you and keep the company running successfully? Here are a few other things to consider if you’re searching for that confidence that you’ve really done all you can to fulfill your responsibility of fully protecting what you work so hard for.

  • HR Support
  • ERISA Compliance
  • Safety Plan Management
  • Employee Retention
  • Cybersecurity/ADA Compliance
  • Safe/Distracted/Defensive Driver Trainings
  • Fleet Maintenance Program

Stay tuned for more to come as we dive into each of these categories and share ways you can implement more of this in to your company culture.

Fostering a long-term culture of safety in construction

One of the main concerns in the construction world that remains rather consistent over time is SAFETY. As it should be, this is a very high priority for leaders in the construction industry. The daily implementation of a safety program is a great first step but the big picture goal really should be a whole CULTURE of safety.
This means that all employees are in agreement and held responsible for their own safety and health, as well as the safety and health of every other worker in the organization. This is a prime example of the “we are only as strong as our weakest link†mentality.
Every organization needs some sort of a program in place to prevent injuries and illnesses in the office and on job sites. Even complete compliance with OSHA’s guidelines will not eliminate all injuries and illnesses from the workplace because the workplace is filled with humans and humans make mistakes.

However, enforcing things such as physical safeguards, training, and proper maintenance followed up on by effective management will help ensure the safety and health of the team.

The following are also a result of a good safety and health program:

  • Workers’ compensation costs may be lowered
  • Employee morale and work efficiency may be improved
  • Operating costs will be lowered
  • Profit margins will be higher

Accidents are expensive. They add to workers’ compensation and medical costs, they make the organization have to repair or replace equipment, they slow production, and they may require the organization to hire and train new workers. These are just the material costs and inefficiencies. The pain and suffering that accidents cause employees and their families can be even more damaging and last much longer.

Interested in some tips on what leadership can do vs what employees can do to get ahead of and maintain this culture of safety? Reach out to us here for some safety program checklists, sample policy statements outlining the program in place, etc.

Regular review of the safety and health program is essential to achieving a safe and healthful workplace. As we’ve learned over the past year’s pandemic, things can change rather quickly. Therefore, effective and successful programs must continuously improve to keep up with the changing nature of the organization and industry. This also ensures that there’s a real commitment to the safety and health of the entire team – working beyond just a temporary program but towards that overall, long-term culture.

As a business owner, what does your Natural Disaster Response Plan look like?

What comes to mind when you think of the biggest threats to your company? Fire, theft, workers comp claims, auto accidents? You may feel pretty secure in your protection against those types of insurance claims and that’s a step in the right direction.

But what you might find interesting is that only 58% of natural disaster expenses were actually insured in 2021… That’s about $85 billion of the $145 billion in damages. In fact, overall natural disaster losses in last year alone were the fourth costliest ever recorded. There were hurricanes, earthquakes, freezes, floods and storms.

And even with $145 billion (yes, billion with a B) of damages in the U.S., a Beazley report found that only 12% of business owners ranked environmental risks as their most pressing concern. That report also found that only 38% of executives feel prepared to respond to environmental catastrophes.

So how can you reprioritize and feel confident in the event of damage that is beyond your control?

1. Create an Emergency Operations Plan

  • What happens if something happens? Who is in charge? How will the effects on your business be communicated to staff and clients? Who will delegate on and off-site responsibilities? What if your physical work space is compromised? How will your team be contacted and kept informed if email isn’t an option? If something takes place during business hours, does everyone know how to evacuate and where to go? Or where to locate emergency kits?

2. Back up important data

  • Hard copies of important data should be stored off-site and copies made as needed. Keep things like insurance, payroll and tax information stored somewhere that someone else knows how to access it if needed. Utilize the cloud for electronic storage as well.

3. Review and understand your existing insurance coverage

  • Be sure you’re confident in the amount of coverage you have and that your Insurance Advisor has reviewed endorsements and any applicable additional coverages you may need.

4. Maintain good, open communication

  • For your customers, use email and social media for updates if possible. Be sure they have contact information or know your protocol if your team is unreachable. And for your staff, stay in touch with them to ensure they are safe and healthy. It is also recommended to establish a disaster fund in case your company is unable to generate revenue, you can keep your team on payroll.

5. Regroup with your community

  • It is likely that when you’re able to (literally) weather the storm, it’s hugely due to help from others… whether that be financial, cleanup efforts, rebuilding, emotional support, etc. Lend a helping hand to others in need after experiencing a natural disaster and your community will be stronger together.

There are some things we humans just can’t control and we have to relinquish that power to Mother Nature. For the most part, she treats us very well but for those catastrophic times that are thankfully few and far between, the best you can do as a business owner is BE PREPARED.

Struggling with disengaged employees on your team?

It’s always fun and exciting to go through the onboarding process of a new employee. Both you, as the employer, and the newest member of team are excited, things are fresh and new, and the future of working together is bright. Of course the hope is that those feelings will continue, it will remain a good fit for all and everyone will benefit from the partnership.

However, sometimes the honeymoon phase wears off and employees can become disengaged. Sure, part of that is natural and happens in all aspects of life. But as Jon Gordon refers to negative or disengaged employees as “energy vampiresâ€, they can be detrimental to your team, clients, and goals as a company. This negativity can be toxic and needs to be addressed sooner than later.

So what can you do as a leader to prevent and recover from disengagement on your team? Here are a few tips we’ve compiled that may be helpful if you’re noticing the morale and engagement heading south.

First, defining and understanding disengagement is important. It can be cause by things such as lack of:

  • Communication
  • Recognition
  • Trust
  • Flexibility
  • Teamwork
  • Autonomy
  • Support

Next, recognizing and identifying when an employee is disengaged can be done by:

  • Poor performance
  • Missed deadlines
  • Lack of interest in development
  • Isolation from coworkers
  • Increased use of PTO

Then, it’s time to approach the employee:

  • Address the issue head on, skip the small talk but be certain to listen well, ask questions and document conversations
  • Discovering that individual’s motivation and what makes them “tickâ€
  • Analyzing where engagement was lost and why
  • Identifying adequate skills and a plan to work to their strengths, even if it’s a change in their role
  • Come to a mutual agreement and commitment to action

The final step in this process is to work together towards a solution that will correct the problem by:

  • Create a specific and realistic development plan that includes your investment in them
  • Set goals and hold each other accountable
  • Encourage participation with the team, while keeping the personal plan confidential
  • Give consistent feedback
  • Recognize improved behavior and performance
  • Cheer them on to their potential and don’t give up!