Let’s get the obvious out of the way: we all know that having a solid risk and safety program in place can reduce your number of accidents and impact your workers’ compensation experience modification number. For many, that’s why they create one in the first place. There are, though, many business reasons to enact a robust and thoughtful safety program that go far beyond that one (albeit impactful) number. Reasons that indirectly save you even more money in the end.
- Your employees will be more productive and efficient, and their morale will be higher.
- You’ll avoid having to hire and train replacement workers because your A-team will be knowledgeable about how to do their jobs correctly, and safely.
- You will also avoid having to spend money on costly litigation, medical bills, lost wages and property losses because you’ll avoid the accidents that caused them.
- By improving your systems and processes, you can increase your total revenue, or ROI.
- The money you save can lead to your ability to invest in new equipment, human capital and therefore more advanced capabilities.
Imagine what your company, workforce and workplace could look like if you had the extra money to invest in state-of-the-art equipment and highly specialized employees. By teaching your current team proper safety practices and enforcing a risk control program, the future of your company could be limitlessly brighter.
A great place to start is with a knowledgeable Risk Control Advisor, like our Steve Wolszczenski or a Commercial Insurance Expert like Dave Oblender, who both helped me to write this post. They can help you take your business to the next level of safety and performance.