Why Your Small Business Needs a Safety Program
The size of your business does not impact the need to make safety a top priority for your organization. It could be argued that the smaller the business the more important safety becomes. The average cost for all claims combined for accidents that occurred in 2020-2021, according to the National Council on Compensation Insurance (NCCI) database, was $41,757. This cost significantly changes based on the nature of the injury.
Employers of different sizes typically cannot absorb these costs equally. The smaller the business, the greater the financial strain.
Small businesses will sometimes contend that they do not have the same resources available as their larger counterparts to invest in a safety program. This includes time to spend on training, updated and safer equipment, time away from production and finances. However, even though some small business owners may find the cost of a safety and health program daunting, the benefits of the investment far outweigh the possible consequences of not doing so.
We’ve outlined seven ways, according to OSHA, that investing in safety can actually benefit the bottom line:
- Lowers workers’ compensation insurance costs
- Reduces medical expenditures
- Increase productivity
- Enhances morale
- Decreases turnover
- Saves money on overtime benefits
- Improves labor-management relationships
The IMT Loss Control team can help strengthen the safety environment for your business. Learn more about our approach on the Loss Control Services webpage. Keep your small business running by keeping your employees safe!
