According to a survey of more than 500 small business owners, workplace safety risks are a greater source of concern than cyber risks, terror risks and other worrisome injury and cost drivers.
Workplace safety risks are also the area of risk where small business owners expect to dedicate most of their attention this year, according to survey results published by Employers Holdings recently.
Thirty-five percent of respondents said workplace safety was the risk they worried about most, while 26 percent picked professional liability risks and 25 percent selected cyber security.
“Small business owners realize they have to protect their most valuable assets – their employees,” said EMPLOYERS Chief Operating Officer Stephen V. Festa, in a statement about the results. “Employee injuries can carry a significant cost, not only in terms of medical and workers’ compensation expenses, but also in terms of lost productivity and potentially lower workplace morale.”
Natural disaster risks ranked fourth, with 10 percent selected those as the greatest concern.
Terror risk was selected by less than 1 percent (0.2 percent) of those surveyed.
The responses were collected by International Communications Research’s thinksmall Survey, a national quarterly telephone omnibus survey. Interviews were completed with a nationally representative sample of 502 small businesses that have fewer than 100 employees between Nov. 12 and Nov. 26, 2013.
Business owners were also ask how prepared they felt to respond to various workplace risks and the 21 percent said they were more prepared for slips and falls.
Other common causes of workplace injuries that small business owners said they are prepared to handle include motor vehicle accidents (12 percent) and employees coming into harmful contact with objects and equipment (12 percent).
Small business owners felt least prepared to address acts of violence (29 percent) or fires or explosions (17 percent) that occur at the workplace.
Employers Holdings, Inc. is a holding company with subsidiaries that are specialty providers of workers compensation insurance and services focused on select small businesses engaged in low-to-medium hazard industries. he company, through its subsidiaries, operates throughout the United States. Insurance is offered by Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, and Employers Assurance Company.
Source: Employers Holdings