Christmas And Your Business: The Most Common Risks

Christmas And Your Business

It’s the most wonderful time of the year.  Brightly-coloured presents, delicious treats, celebrations with friends and family, good cheer, and twinkling lights.  But with the increased joyfulness also comes increased risks to your business.  Extra stock, customers and employees can all bring extra risk.

Here are some of the most common factors that pose risks to your business during the holiday season.

  • Increased Injuries: During the busy holiday season there is typically a rise in injury claims. Employees are fatigued by increased workloads and deadlines, more social gatherings with greater alcohol and food consumption, and an increase in financial stress, all of which can lead to workplace injuries.  If you are in the retail business, there are more customers that could slip and fall and having more merchandise on premises can also cause injuries.
  • Temporary Staff: Many businesses hire temporary staff to help out during the busy season and if not properly trained in safety procedures, accidents can easily happen.
  • Shoplifting: Crowded stores make it easier for shoplifters to steal merchandise and there has been a tremendous rise in organised retail theft involving groups who target stores during this busy period.
  • Employee Theft: All business owners would like to believe that every one of their employees is trustworthy, but unfortunately that is not always the case. Employee theft of merchandise or money tends to increases during the holidays, be it for necessity or opportunity.  Furthermore, many companies hire temporary staff during the holidays, which opens them up to more employee theft.
  • Data Breaches: According to Symantec, a global network security company, the most common time for business data breaches is during the busy holiday period; from October through to December.
  • Wild Weather: Christmas in Australia lands in the middle of cyclone season and if a cyclone hits your area, you may be facing damage to your property as well as interruption of services.
  • Merchandise Recall: Whether you’re a retail business or a manufacturer, the increased holiday sales increase the chances of a product recall.
  • Christmas Party: Most companies engage in some kind of on or off-site Christmas party for their employees. Although they’re fun, overindulgences can result in property damage and injuries.
  • Break-ins: If you close your business during the holidays, it can become a target for burglars.

One of the best ways to protect your company against Christmas business risks is to ensure that there are no gaps in your company’s insurance coverage.  Call your insurance representative at PSC Insurance Brokers today and make certain that you have sufficient coverage to protect you during the Christmas season.