{"id":2735,"date":"2018-12-28T10:00:00","date_gmt":"2018-12-28T11:00:00","guid":{"rendered":"https:\/\/sonusbenefits.com\/risk-management-its-more-than-just-an-insurance-policy\/"},"modified":"2019-04-11T13:08:13","modified_gmt":"2019-04-11T13:08:13","slug":"risk-management-its-more-than-just-an-insurance-policy","status":"publish","type":"post","link":"https:\/\/sonusbenefits.com\/risk-management-its-more-than-just-an-insurance-policy\/","title":{"rendered":"Risk Management: It\u2019s More Than Just an Insurance Policy"},"content":{"rendered":"

When you think about risk management and your business, what comes to mind? Your finances? Your building and equipment? Your insurance policy?<\/span><\/p>\n

These things are all important and worth protecting. But managing your organizational risk is about more than dollars and stuff. It’s about managing your operations and people, too.<\/p>\n<\/p>\n

Risk comes in all different sizes<\/h3>\n

We’ve all seen those scary insurance commercials featuring burglars, car crashes, and destroyed buildings. If you’re a business owner, you’ve likely invested in protecting your business from these events. Which is good! But your insurance policy can only do so much. In order for your business to run as smoothly and risk-free as possible, you’ll need to think well beyond break-ins, vehicles, and natural disasters.<\/p>\n

There are all kinds of things that can wreak havoc on your business, and most of them aren’t nearly as spectacular (or unlikely) as a tornado. The key is to break away from these standard scenarios and take a look at things from a big picture lens.<\/p>\n

Here are two key areas that may be getting overlooked when it comes to risk assessment and reduction.<\/p>\n

1.) Health and wellness<\/h3>\n

If you think employee health is a personal issue, you are overlooking one key thing. Unhealthy employees make for unhealthy businesses.<\/p>\n

The cost of absenteeism is often measured in sick days, but the hidden costs of presenteeism are harder to measure. Because of this, employers may tend to ignore the issue, but presenteeism can have a HUGE impact on your business.<\/p>\n

Research by Global Corporate Challenge<\/a><\/span> revealed that while employees reported being absent from work an average of 4 days per year, they also admitted to being unproductive on the job for an average of 57.5 days per year. That’s nearly three months! Or the equivalent of your entire staff working at 75% of their capacity at all times. Ouch. <\/p>\n

But there is hope. The study<\/a><\/span> also showed that presenteeism has an advantage over absenteeism when it comes to fixes.<\/p>\n

Employees who participated in a comprehensive health program experienced improvements in sleep, stress levels, and overall happiness. Workers who participated in the program were shown to be happier, more relaxed, and yes, more productive at work. These employees (and employers) gained back the equivalent of ten days of lost time.<\/p>\n

Building a healthy workplace means buying into a healthy culture and taking care of your employees. Some quick ways to do that include:<\/p>\n