It takes a lot to run a business. It takes even more to run one successfully. And on top of the daily challenges of simply meeting the bottom line, companies big and small face a laundry list of security threats that can affect that bottom line as well.

Cyber security, property theft, disaster recovery, and other concerns present unique challenges for both preparedness and response. But according to recent studies, the far-reaching effects and costs associated with one potential threat fly under the radar compared to other common business risks: workplace violence—or WPV.

Just recently, 888 companies were surveyed about the top threats that their organizations were preparing for. 69% said “active shooter” and 62% said “workplace violence”. (Everbridge and EMS Solutions Active Shooter Preparedness Survey.)

Every year in America, more than 2 million workers become victims of workplace violence. Nearly half of HR pros say their company has experienced a WPV incident, and businesses face more than 16,000 threats per day.

Yet despite both the frequency and seriousness of WPV risks, many companies are still unprepared. A survey from the Society of Human Resource Management (SHRM) revealed that less than half of organizations have a program to prevent workplace violence or provide training to workers on how to respond to an act of workplace violence. Nearly one-third of workers (29%) said that they are unsure or don’t know what to do if they witness or are involved in workplace violence. And 1 in 7 workers feel unsafe at work.

Apart from the obvious consequences—loss of life, injuries, and property damage—a lack of preparation for such an incident can have tremendous consequences and costs.

What kind of costs? Forbes states that, annually, businesses lose somewhere in the neighborhood of $250-330 billion due to WPV. In addition to the fallout listed above, the extended effects can be devastating. Litigation, survivor counseling, rehabilitation of a company’s reputation and more all carry costs that can severely damage the bottom line.

Even with so much at stake, many companies aren’t ready – but preparedness can make all the difference.

While threats may be unavoidable, preparedness offers a much more positive outlook when potential WPV risk arises. Not only can it help protect employees and company assets from harm, statistics show that the cost of prevention is 100 times less than the cost of managing the aftermath of a tragedy. In short, WPV preparedness saves lives and money.

With employee education including run-hide-fight, situational awareness, understanding behavioral warning signs and de-escalation techniques, The Power of Preparedness can help get your company ready to take on risk. Contact us to learn more.