Saving Your Bottom Line:
Achieving efficiency, operational growth, and savings by including safety in your company's balance sheet.
by Jason Schoen
Nearly 100,000 people die in accidents and over 560,000 workers are injured
annually on the job. Insurance costs are increasing, perhaps as much as
20% or more annually. Is your business aware of the costly effects these
incidents have on the bottom line?
Increased medical cost, recent world events, and a litigious
society are driving up insurance expenditures. In the current
environment, it is more costly to resolve and settle claims.
Expensive claims result in higher rates for business coverage.
Has your business developed a plan to address losses and
minimize coverage costs?
Meadowbrook® Insurance Group recently analyzed First
Pioneer claims, which demonstrates the leading causes
of injury for members and their employees. These
injuries are characteristic of the type of injury
you could expect in your business. The average First
Pioneer claim is $6,223. It is important to understand
that workers' compensation claims, such as the ones
indicated in the graph below, can be reduced with
the right management techniques and safety
programs. Knowledgeable industry decision
makers are developing and implementing safety
procedures that fit the business and reduce
the frequency of the type of accidents
noted in the analysis.
Safety programs are essential for efficiency,
productivity, and holding down or eliminating
accidents and associated claims costs.
Implementing safety measures reduces the
risk of loss to you by minimizing the opportunity
for an employee to become injured. Loss
prevention saves your business money and
improves your bottom line.
Becoming skilled at accident prevention
preserves your company's assets. Provide
your employees with the knowledge to address,
control and eliminate hazards in the
workplace. Develop a safety culture so
people make the right decisions. Learn
how to spot potential dangers, avoid
accidents, and teach others to do the same.
As a team, management and employees
should regularly and formally address
safety practices in the workplace.
Safety and risk reduction do not
occur on their own; it takes involvement
from everyone in the workplace.
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