RiskCzar links to a somewhat questionable post on readyinsurancenewsletters.com about the efficacy of having a risk manager in a small business. The post essentially concludes that the best answer may be having a knowledgeable insurance agent in the fold.
I enjoyed RiskCzar's take on it more:
I read a blog post titled, How a Risk Manager Could Help Your Business where the author makes the point that any small business could benefit from a well trained risk manager.
Well trained risk managers could work for any small business to clean its toilets, to operate its forklifts or slice meats at its deli counter. It’s just not very likely that your overqualified risk manager will actually be hired by your small business to manage risks.
While he's making a joke, there is actually an important point in there. If your employees all operate their jobs with potential danger in mind -- and do their best to mitigate that danger -- you'll see benefits from it.