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Saving Dollars, Saving Lives: Understanding How Safety Programs Impact Your Insurance

Workplace safety is not just about protecting employees; it’s also about protecting your bottom line. At STC, we’re committed to fostering safer workplaces and preserving human life through comprehensive safety training and compliance measures. When it comes to insurance costs, a proactive approach to safety can make a substantial difference. Here’s how investing in robust safety programs can positively impact your insurance premiums.

The Direct Correlation Between Safety Programs and Insurance Premiums

According to OSHA, businesses spend an estimated $1 billion per week on workers’ compensation costs alone. Companies that have adopted strong safety programs find that their insurance premiums are often reduced significantly. These programs include regular training sessions, hazard identification, and elimination strategies, which collectively help in preventing accidents and injuries. By demonstrating a commitment to safety, businesses can often negotiate lower insurance rates.

Reducing Liability Through OSHA-Compliant Programs

One of the most effective ways to demonstrate your commitment to safety is by following OSHA guidelines. Insurers often give weight to a company’s compliance with these standards when determining rates. OSHA compliance not only reduces the likelihood of workplace accidents but also signals to insurance companies that you’re a low-risk client. This can translate into substantial savings, making your safety program an investment that pays for itself over time.

Safety Training & Compliance Safety Programs

Investing in safety training and compliance services like those provided by STC can result in a win-win situation for both employers and employees. Effective training programs can result in a safer workplace, fewer accidents, and consequently, lower insurance premiums. When you prioritize safety, you’re not just preserving human life; you’re also preserving the financial health of your company.

In conclusion, workplace safety is not just a moral obligation but a financial one as well. Businesses that invest in safety programs not only protect their employees but also enjoy the economic benefits of lower insurance costs. Emphasizing safety through training and compliance can save you both dollars and lives. Want to learn more about how safety programs can impact your insurance? Check out our blog today!

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STC Case Study: Safety Measures Lead to Significant Savings for Glass Contractor

A family-owned glazing contractor recently experienced a surge in growth, but with it came a string of accidents and rising insurance premiums. This blog will explore the company’s challenges and the solutions STC implemented to create a safer, more cost-effective business. Here’s everything you need to know about how STC improved performance for our client:

The Challenges Presented

The sudden growth of the glass contractor led to a high frequency of Workers’ Compensation and Auto claims, including some severe incidents. As a result, their insurance premiums increased considerably for the next two years. We set out to help them improve their safety procedures to save our client money and, more importantly, save lives.

A Universal Solution

STC implemented monthly executive safety performance meetings and employee safety training courses to establish a more safety-conscious culture. They also conducted regular and frequent safety inspections and near-miss investigations to prevent further claims. STC introduced Swingle Collins & Associates to the client as a new insurance broker, who fully engaged and utilized STC’s services for future insurance renewals.

The Impact of STC

STC and Swingle Collins assisted the glass contractor in reducing their Experience Modification Rating (EMR) from 1.88 to 0.77. Through consistent awareness of STC’s safety initiatives, Swingle Collins leveraged key documentation, which helped lead to significant insurance savings for the client. The glass contractor has experienced a 53% price decrease in Workers’ Compensation (WC) rates since STC and Swingle Collins joined forces.

The glass contractor’s fast growth presented challenges, but with the help of STC and Swingle Collins, they could implement effective safety solutions that not only improved their overall performance but also resulted in significant insurance savings. By prioritizing safety, the company could continue growing without sacrificing its employees’ well-being or the business’s financial health. Want to learn more about STC? Check out our blog today!

Photo Sourced from Getty Images: #1280791005

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