As times and technologies progress, there are more and more risks presenting themselves for US employers in 2018, as well as employers around the globe. Workplace safety is, of course, a never-ending concern, although phenomena such as data security and the upcoming mid-term elections are also of great concern too.
Corporate accountability for data breaches
With regulations such as GDPR now being enacted in the European Union, companies all over the globe are being forced to respond and up their game in terms of data protection and security. Hackers and becoming more and more prevalent, and it only takes a couple of inconsistencies or weak spots in your system for people to breach your databases and hold them to ransom. Companies handling sensitive data should look into hiring penetration testers who can make sure that there are no (or very few) vulnerabilities in their system.
When it comes to wage pressure, you only have to look to states such as California to see the problems with inadequate salaries and sky-high living costs. As conditions worsen economically, many employers are maintaining a hardline policy of maintaining their current salaries as a means of ensuring their companies’ futures in these trying times, although this understandably isn’t going down well with workforces and is causing drops in employee morale. Nonetheless, there are mixed views about the best way to progress with workplace wages.
Sexual harassment claims
As campaigns such as #MeToo continue to gain steam, we are beginning to see less and less tolerance for workplace harassment, with more and more women (and sometimes men) coming forward to make sexual harassment claims against preying coworkers. 60% of US women claim to have been sexually harassed at some point in their lives, with many of these claims originating from workplaces. Of course, a shift away from harassment is good for society as a whole but could prove costly for employers who may have to foot the bill legally.
Upcoming mid-term elections
November’s upcoming mid-term elections could undoubtedly have a great effect on workplace regulations and protections, and this is something that employers need to be mindful of, as policies could always change in late 2018 or early 2019. Trump’s presidency has been something of a controversial one, which leaves the fate of the mid-term elections dangling in the balance.
If you’re concerned about these areas or anything else which could be detrimental to your business in the upcoming years, you should consider performing a thorough risk assessment of your business from top to bottom. A thorough assessment allows you to identify your weakest spots are your biggest vulnerabilities, enabling you to take preventive measures and take out insurance policies which cover your business where it needs it most.
We’re always on the lookout for insightful information about insurance topics that are relevant to the ever-changing times we live in. If you’re looking for insurance information which could help your business’s profits and longevity, speak to a member of our team today.