Did you know that effective safety management can save your business money? It's true! There are a number of ways that safety management can help you save, including reducing workers' compensation and insurance premiums, improving productivity, and protecting your reputation. In this blog post, we will discuss the primary ways in which a safety management system can save your business money.
Injuries
Injuries cost $170 billion dollars every year in North America alone. Of that, $34 billion is lost in productivity, while $36 billion is spent on medical expenses and $100 million is spent on litigation. As you can see, injuries are expensive! And that's just one way that safety management can save your business money.
Insurance premiums
Insurance premiums are also lower for businesses with effective safety management programs. This is because insurance companies know that these businesses are less likely to have accidents and injuries. As a result, they charge lower premiums for these businesses.
Loss of productivity
Loss of productivity is another huge cost for businesses. When an employee is injured, they often cannot work until they have recovered. This can lead to lost productivity and, as a result, lost revenue.
Retraining of workers:
When an employee is injured, they often need to be retrained in how to do their job safely or replaced while they heal. This can be costly. If your implement an effective safety management system, retraining workers can be avoided.
Business Reputation
Finally, effective safety management can also help protect your business's reputation. A poor safety record can tarnish a company. Customers and clients are more likely to do business with a company that they know is safe and has a good safety record.
Conclusion
As you can see, there are many ways that effective safety management can save your business money. If you have not implemented a safety management program at your business, now is the time to do so! Your bottom line will thank you.
"The way to gain a good reputation is to endeavor to be what you desire to appear " - Socrates
If you have any questions about Safety Management or would like assistance creating a program for your workplace, please contact us.