Tips to Manage Winter Weather Risks in the Workplace

Updated:
December 18, 2019

Harsh snowstorms have already hit several areas of Canada this year, with an early October storm in Manitoba leading to a state of emergency as 21,000 homes and businesses lost power.

Winter weather can create serious risks for both your organization’s property and your employees. Extreme cold and winter storms can cause water pipes to burst, put extra strain on equipment and structures, reduce visibility and turn the parking lot into a slipping hazard. Any of these hazards could result in devastating company consequences—including business interruption, lowered productivity levels and the potential for costly liability concerns.

Fortunately, there are a variety of risk management methods that your organization can implement to help keep both your property and your staff safe in the midst of dangerous winter weather conditions:

Indoor measures

Taking a closer look inside your property, be sure to maintain an adequate level of heating to prevent frozen or burst pipes (minimum 4°C), ensure adequate building insulation, check that stopcocks are in working order, store temperature-sensitive materials safely, and establish an effective weather-related emergency response plan.

Outdoor measures

Beyond your property’s doors, plan for safe methods of snow and ice removal (e.g. de-icing and gritting) from your property’s roof and parking lot. Additionally, conduct annual inspections and maintenance to ensure roofs, gutters, pipes and drains are in good condition and free from blockages.

Insurance solutions

Above all, it’s vital to purchase robust insurance coverage for your organization to ensure ultimate peace of mind against winter weather disasters. Key insurance solutions include business property and contents coverage, public liability coverage and employment liability insurance. For more information, contact Scrivens today.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.