There’s no question that you face insurance risks that can’t often be seen. Cyber breaches, ransomware and employee dishonesty remain top concerns. However, some of the biggest, and often most avoidable, safety and security risks can be in plain sight. This article highlights the most frequent areas of concern that are discovered during a bank’s insurance risk management review. In addition, it addresses some of the maintenance and corrections that can be completed to help prevent accidents from occurring.

Electrical panels should always remain unobstructed and covered. Check them periodically to ensure they are cool to the touch. Any type of combustible materials (paper, furniture, holiday decorations) that is stored at your bank should be kept at least three feet away from electrical panels, hot water heaters and/or boilers. Any highly flammable material such as paint, cleaning supplies or solvents should be separated from any other items in storage and clearly marked as flammable.

• Slips, trips and falls are among the top causes for liability and workers compensation claims in financial institutions. Floors should be checked regularly to make sure they are well-maintained and clean. Signage for wet or slippery floors should be placed in the affected area quickly to help avoid injuries.
• In preparation for a power outage or emergency, be sure that all exits are properly marked, remain lit and are clear of any debris or obstacles.
• Ensure walkways, stairs and handrails are sturdy and in good repair.

• Confirm that you have the proper number of fire extinguishers for the size of your building and check that they are properly mounted, easily-accessible and are serviced every year. Bank employees should know where they are located and how to use them properly.
• Conduct periodic fire drills in your bank, and be sure employees are educated about protocols and meeting places ahead of the drill.

• Many injuries happen before customers and employees even walk into the bank. Parking lots should remain in good repair and any damage (such as potholes) fixed as soon as possible. Walkways, steps and other paths around the bank should remain hazard-free (sidewalk cracks, painted crosswalks, speed bumps and guard posts). Any area that is damaged should be clearly marked as restricted and repaired as quickly as possible.
• Adequate lighting in the parking lot, ATM and along the exterior of the building will help prevent any criminal activities such as robbery or vandalism, as well as provide customers an added sense of safety.

Employees play a huge part in keeping your bank safe. Therefore it’s imperative that they understand your bank’s safety program and policies, and are prepared to follow them in case of any emergency or safety issues.

• Any type of accident or incident should be reported promptly and detailed in writing.
• Inspections of safety equipment and review of policies and procedures should be conducted and documented monthly.
• Employees should be trained to administer first aid, and first aid kits should be readily available and easy to access.

Even with the most stringent maintenance policies and plans in place, accidents can happen. Being proactive and addressing issues quickly will go a long way towards keeping your customers and employees safe.