The ROI of Safety
Sound safety practices protect your employees' well-being and are good for your business. Research and industry experience suggest that organizations that invest in health and safety programs realize a tangible Return on Investment (ROI).
ROIs can come in:
- Decreased Lost Time: Environment, Health, and Safety (EHS) programs can reduce the frequency of workplace injuries and incidents, allowing companies to decrease expenses related to workers' compensation insurance. Keeping employees engaged with a Return-to-Work Program (RTW) gets them back to work sooner and controls indemnity payments.
- Compliance with Regulations, Laws, and Standards: Non-compliance can be disastrous, impacting an organization financially and damaging its reputation. Stay compliant with OSHA regulatory training through our risk management resources.
- Increased Operational Efficiency: Focusing on safety leads to higher productivity and worker safety. Decreased claims costs and less lost time also add to a company's bottom line.
- Improved Employee Satisfaction: Recruiting and retaining top talent is easier for organizations that provide safe and comfortable workplaces.
According to the National Safety Council, total costs for workplace injuries for 2021 (the most recent data available) was $1.67 billion. This includes medical costs, administrative costs, and wage and productivity losses. The cost for a workplace fatality was $1.34 million. The time and money invested in safety and employee training will bring many benefits, in addition to creating a safer workplace and healthy employees.
One of the many risk management services AssuredPartners offers our clients is the Risk Management Center (RMC). The RMC allows you to reduce risk and improve workplace safety by creating effective risk mitigation programs. An easily accessible and user-friendly online safety platform, the RMC provides cost-effective risk reduction for your entire organization. The Risk Management Center is right for any organization that wants to proactively manage risk exposures to reduce claims, losses, and associated costs.
Featured News & Insights
The hidden costs of workplace risk may be hurting your business more than you think, and siloed programs may be to blame. As a leader in insurance, HR, finance, or operations, you likely manage a...
With commercial insurance premiums rising and coverage terms tightening, many mid-sized companies are looking for better ways to manage risk. For business owners tired of market volatility and...
Workplace violence is a growing concern in the United States, impacting businesses across many industries and putting employee safety at risk. The data shows a troubling increase in incidents, making...