How a Risk Assessment Program Saves You Money
In any industry, there can be a number of potential hazards threatening your business and its employees. Accidents, injuries, and losses can have a detrimental effect as they cause increases in fines, workers compensation, and other insurance rates. Thankfully, you can reduce losses and the related consequences by investing in a risk assessment program.
A risk assessment program is the process by which a professional consultant looks at your workplace and identifies any hazards and their severity, then develops and implements a customized program to prevent harm. When done effectively, a risk assessment program can save you money by ensuring that your company meets safety and compliance standards.
Money-Saving Risk Assessment Benefits
Maintains Regulatory Compliance
State and federal regulations have set workplace safety standards to protect your workers from imminent danger and catastrophes. Compliance officers inspect your job site to ensure that you meet all minimum requirements in regard to air and water quality, construction equipment, storage of hazardous materials, and emergency preparedness.
Failure to comply with OSHA, DOT, or EPA regulations can result in expensive fines, as well as increased insurance rates. With a risk assessment program, you can avoid costly penalties by identifying and eliminating and potential risks.
After completing an on-site inspection, a skilled safety consultant creates a custom-tailored plan to help you maintain compliance, protect your employees, and continue safety training as regulations evolve.
Reduces Insurance Costs
Workplace illnesses and injuries have an impact on more than just the people involved: they can slow productivity, lower employee morale, and increase costs. When accidents occur, costs for workers compensation rise, often leading to a spike in insurance premiums. To best avoid these cost increases, it is important to implement a plan to prevent injuries from occurring.
With a risk assessment program, you can be sure that your business has the safest working environment possible by eliminating all hazardous materials or unsafe equipment that could potentially harm workers.
After your workplace is safe and secure, personalized training is provided to promote safety awareness among all employees. Your workers are your most important assets, and protecting them will save you money in the long run.
Managing the health and safety programs for your business can be difficult and time consuming. There are hundreds of regulations that are constantly changing, requiring additional safety training for your employees. Keeping track of workers’ complaints and other records is often tedious or overwhelming. With a risk assessment program, health and safety is managed by an experienced consultant, allowing you to focus fully on your core business.
As part of your risk assessment program, experts provide comprehensive training in health and safety, and ergonomics. Because most consultants provide on-site or internet training, you can avoid time and travel expenses with minimal disruption to production. Additionally, many risk managers offer human resources services to help declutter and make recordkeeping much simpler. While they handle complaints and distribute safety materials, you can concentrate on improving business and increasing profit.
By maintaining compliance and ensuring the safety of your employees, highly qualified risk managers save you money and increase your bottom line. If you are interested in a professional risk assessment program, contact Risk Management Partners today.