Cost benefits of safety – Part 3
This is Part 3 of 4 part series (Part 1 here, Part 2 here) looking at some of the major cost benefits to business owners and employers who invest in safety. Some benefits are easy to define, others not so much, but they all affect the bottom line of your business in a positive way
Save money on your insurance premiums
This one can be huge. Insurance companies deal with risk. In simple terms if the risk is low, the premiums are low. I have had clients who have managed to secure upto 30% reduction in their annual premiums after upgrading their workplace safety.
Talking to Brett Wright, insurance broker from BFP Corporate Services, he gave me the following
” Saving on the cost of employee accidents and ill health is an investment in the future of your business. Maintaining a good standard of health and safety in the workplace can mean lower insurance premiums and more money in the bank.
Business owners are responsible for the health and safety of employees whilst they are at work. With very few exceptions, employers must have Compulsory Workers Compensation Insurance to cover for injuries and ill health experienced by their employees while at work.
Uninsured costs can outweigh the insured costs – and these uninsured costs come straight off your company’s ‘bottom-line’ profits. Poor health and safety procedures could mean increased insurance premiums or difficulty in obtaining future insurance cover.
To see if improved workplace health and safety procedures could help reduce your insurance premiums, we recommend you speak to your business insurer(s) or insurance broker.”
So between Tax deductions, increased productivity and reduced insurance the savings created by safety are stacking up
Stay tuned for Part 4 – Time saved.
In the meantime if you would like to find out more please contact us. Sign up to our newsletter below, like us on facebook or contact us via enquiries@excitesafety.com.au
