Reduce your workers compensation insurance and general liability insurance premiums by 5 to 20%
Incorporating a safety program and/or safety committee can potentially reduce your company’s insurance premiums by 5 to 20%. Implementing an effective safety program will prevent accidents and injuries while lowering your company’s experience modification rating (EMR) which will lower your workers compensation premiums.
In Pennsylvania, companies can also receive immediate workers compensation premium discounts up to 5% by incorporating a company safety committee.
The state of Delaware offers discounts of up to 18% on workers compensation premiums for incorporating a company safety program.
The average direct costs of a lost time injury are over $35,000. Integrating safe work practices will save money on hospitalization costs, workers compensation claims and OSHA fines.
An effective safety program will not only lower insurance premiums and prevent accidents but also increase employee morale, productivity and prevent employee turnover. The incorporation of safety in work processes will also uphold your company’s good reputation.
When setting up a safety program the primary goal is not to save money, but to prevent accidents and save lives. However, effective safety programs inevitably do save money and, as a result, increase profits.