A risk assessment is the identification, evaluation, and estimation of the levels of risks involved in a situation, their comparison against benchmarks or standards, and determination of an acceptable level of risk.
You can then identify if there are sufficient precautions to prevent an accidents or whether you need to do more to prevent harm. Whomever comes into contact with your business, including employees or members of the public, have the right to be protected from harm caused because of a lack of reasonable control measures.
Accidents can ruin lives and affect your businesses if output is lost, equipment is broken, insurance costs increase or you are required to go to court.
You are legally required to assess risks in your workplace so that implement plans to control risks.