What actions can a business take to mitigate risks before obtaining insurance?

Implementing safety measures and training is a proactive approach that businesses can adopt to mitigate risks prior to securing insurance coverage. By prioritizing safety and employee training, companies can reduce the likelihood of accidents, injuries, or losses that could lead to claims. This not only fosters a safer workplace but can also improve the overall risk profile of the business, potentially leading to lower insurance premiums in the future.

In contrast, increasing staff numbers dramatically may not directly address risk mitigation and could even complicate safety oversight. Similarly, raising premium amounts does not inherently reduce risk, but rather is a financial approach that often reflects existing risk levels. Outsourcing all business activities may transfer certain risks but does not necessarily mitigate the underlying risks faced by the business itself. Instead, focusing on internal safety and training measures is a constructive method for minimizing potential risks before seeking insurance coverage.