At STC, we are committed to consistently delivering the right information to save our clients time, money and grief. Instilling the right safety plans and procedures in your workplace will not only keep your workers as safe as possible, but also save you money in the long run. Here’s everything you need to know about how safety plans and procedures can lower your insurance:
Lowering Business Insurance Costs
Most industries involve some form of risk to workers, but did you know that you can actually save money by implementing policies to mitigate those risks? When risk is involved in business, so is insurance. By implementing safety policies and adhering to them on a daily basis, there are tons of ways that you can save money. By avoiding the legal fees associated with workplace accidents, you will save money on litigation and worker’s compensation insurance.
How a Good Safety Record Helps
It’s simple, insurance companies are more willing to offer you lower insurance rates if they know you are dedicated to safety. You have to earn their trust by demonstrating years of good safety records before they are willing to offer you lower rates, however. That’s why implementing safety policies and procedurs from day one is always recommended.
Saving Money on Business Insurance
Working closely with your insurance provider or agent is a good way to ensure you are able to realize lower rates. The truth is that insurance companies use a wide variety of tools to calculate costs and safety plays the biggest factor in those costs. The statistics used by insurance providers will save you costs down the road, all while keeping your employees safe.
No matter how you choose to prepare your workplace for lower insurance, STC is here to help guide you through every step. We offer a wide variety of managed safety services, from onsite safety staffing to safety consulting to help keep you prepared for any situation. Want to learn more about keeping your employees safe from potential dangers? Check out our blog!
Photo Sourced from STC