Lowers Insurance Premiums
When it comes to safety, every business is at risk. So having a good insurance policy is vital. The cost of workers’ compensation, litigation, civil liability, and the direct and indirect cost of injuries compared to companies in similar industries will determine your insurance premium rate. When you provide safety training to your employees they are less likely to get injured or become ill. This will significantly lower the need to file a claim, thus keeping your insurance premium down. Some insurance companies offer discounts based on how your claims cost compare to competitors. However, if claims are higher than your competitors, you might face surcharges of up to 100 percent over time.
Workplace Safety Training Avoids/Minimizes Lawsuits
Providing workplace safety training to employees can help protect your business from legal claims filed by an injured employee. Having documented proof that employees were trained in safe work practices and were provided necessary protections will show that the Employer was not negligent in its responsibilities. Significantly limiting their risk/liability. It will also help defend you from paying serious settlement fees and minimizing efforts in a legal battle, if any.
Reduces Lost Work Days
Eight days is the average days away from work an employee will be out if injured on the job. It could potentially be longer depending on the extent of injury or illness (e.g., injuries to the shoulder results in about 18 days missed). Days away from work is also hard on business because it lowers productivity and decreases profits. If skilled workers cannot return to work due to an injury, you will need to train other workers or even have to hire someone new – costing you time and money.
Increases Employee Morale
Providing safety training shows your employees that you care about their safety and well-being. People don’t want to work for a company that doesn’t seem to care about its employees. A bad reputation gets around – making it hard to attract new employees. It may also cause you to have to offer higher salaries to get the people you need. A 2019 survey showed that 94 percent of employees would stay with an employer longer if the company invested in helping them learn.
Investing in Workplace Safety Training Pays Off
In case you’re still not convinced, providing safety training to your employees can save you $4 to $6 for every $1 invested (OSHA). Investing in an occupational safety training company like OSTS can help benefit your company by eliminating and reducing safety-related incidents, increasing employee morale, and reducing workers’ compensation premiums. Contact us today for more information on how we can help you.