As a franchise owner, you know that things don’t always go according to plan. Knowing the risks your business faces can help you be better prepared.
While it’s true success always involves some level of risk, managing your risk helps minimize the likelihood of a serious accident or liability lawsuit and protects the safety of employees and customers.
By building a risk management plan for Wellbiz Franchises, you can better protect your employees and customers from harm and shield your business form associated costs.
Fundamentals of Your Risk Management Plan for Wellbiz Franchises
A successful risk management plan should be built proactively ahead of potential risks, so that you aren’t caught off guard by the unexpected. For this reason, organizational leadership should take charge of planning.
Start by establishing the 4 key fundamentals of a plan:
- Reasons and objectives: State the reasons for building the plan. Your objectives help determine a proper depth and scope for your plan.
- Policy statement: Draft a policy statement to share with franchise employees. Outline plan objectives and explain the goals of a successful and effective plan.
- Assignment of responsibilities: Assign responsibilities to all employees. Ensure everyone gets involved and has a role to play in plan success.
- Plan for communication: Implement a system for quick and efficient communication between employees and leadership. Reviewing plan results can also help identify areas for modification and improvement.
Elements to Include in Your Plan
Determining plan fundamentals will give you a supportive foundation for building your risk management plan. Keep in mind that a successful plan takes time to build. New elements can be added as needed and past policies can be refined for better results.
For franchisees, these 7 plan elements have been shown to lead to better safety and fewer claims and accidents:
- Selection and placement of personnel: Remember proper role placement is key. Make sure your franchise assigns the most qualified person for each role.
- Establishment of safety rules and procedures: Develop general and specific rules and implement the guidelines that employees will need to follow.
- Accident reporting, investigation and analysis: Create a system to ensure all accidents and injuries are reported immediately, promptly investigated to uncover facts and causes, and analyzed so that corrective actions can be taken.
- Training: Implement a program to provide initial and ongoing training for all employees.
- Safety inspections: Establish procedures to maintain franchise safety. Check regularly for any unsafe conditions or operating procedures.
- Emergency preparedness: Designate procedures to follow for first-aid, treatment of serious injuries, building fires, workplace violence and natural disasters.
- Engagement and motivation: Keep employees engaged in the franchise’s risk management efforts. Establish a safety committee or incentive program and create posters, handouts and more.
Five Strategies for Reducing the Risk to Your Business
Make sure your risk management plan addresses the unique risks faces as a franchise. Here are five simple strategies you can easily implement:
- Don’t rush hiring: Pre-screen candidates and hold one or even two interviews before hiring to ensure a good fit and minimize turnover. Background checks can be helpful when hiring, and are required for Elements and Fitness Together franchises.
- Minimize slip and fall accidents: Remove hazards by promptly cleaning up all spills and keeping floors free of equipment, extension cords, clutter and trash. Reduce risk by checking for proper storage of equipment and cords, clear foot-traffic areas, and consistent wet floor sign usage. Get rid of any damaged or wheeled seating.
- Implement equipment usage guidelines: Ensure employees have the proper training or certification for equipment usage and adhere to safe operating procedures. Have trained employees monitor and supervise any customer usage of special equipment.
- Manage weather injury risks: Develop severe weather plans for storms. Inspect the property after a storm and remove any debris or trash. Remove snow and treat walkways and parking lots for ice. Hire licensed and insured maintenance and removal services and have the contract reviewed by legal counsel.
- Encourage a culture of safety: Build a culture of safety through procedures, training, signage and incentives to help protect employees and customers and reduce the risk of accidents.
For more information about building a risk management plan for your franchise, contact Lockton Affinity. They can help ensure your business is safely protected against the unique risks you face with Lockton Affinity’s WellBiz Insurance Program.