Business owners should focus on prevention as well as profits

| Aug 5, 2020 | Firm News |

The joy of bringing a dream to fruition brings a sense of accomplishment to most business owners. Meanwhile, entrepreneurship comes with its own set of unique challenges. In addition to research, development and brand marketing, your injury prevention efforts could significantly affect financial success.

Risk mitigation could seem like the last thing you need to consider in terms of your profit margin. However, various workplace injuries could reduce proceeds through increased workers’ compensation premiums. No matter the type of company you own and operate, daily activities should be performed in the safest way possible.

A different perspective could help maintain workplace safety

Employee well-being is paramount to procedures. Yet, rather than focusing on what you want your employees to do, how might your ledger change if you include hazard reduction in your objectives?

Building a culture that embraces the awareness of potential dangers and collaborative proactivity may help reduce costs through increased safety efforts among team members. As you develop a risk mitigation strategy, weigh the likely dangers against the potentially devastating costs of more serious, less-common incidents.

Then, empower your workforce to raise their concerns with management. In most cases, it would be better to consider possible injuries before they occur, rather than cover the costs a paradigm shift could have prevented.

Employers can qualify for lower workers’ compensation premiums

Regardless of the mindset you embrace or strategies you implement, you are bound to have an injured employee at some point. As such, workers’ compensation insurance is a necessary business expense.

A 10% cost reduction is possible through the Premium Cost Containment Program, once your appropriate risk management plan is in effect for at least one year. Taking advantage of available state programs and minimizing workers’ compensation claims can provide an additional incentive to keep a worksite safe. Ultimately, building an effective employee protection plan could be valuable for workers and companies alike.