A good investment should yield results. But what makes results good or bad can be difficult to quantify when they’re not paid back in direct dollars and cents. A good insurance policy may seem like a waste until the worst has come to pass. A cheap piece of furniture might seem like a great deal until it falls apart a few months later.
Hiring a good safety management company should yield results like any other good investment. A business just needs to understand where the money is being saved. Because the savings from hiring a good safety management company are substantial even though they may not be presented as a briefcase full of money or an oversized check at the front door.
Lower Insurance Premiums
Insurance is a necessity for doing business. But the high price of insurance premiums can set many companies back significantly. Regular injuries and claims will only make premiums rise and are difficult to overcome once they have been filed. Which is why avoiding injuries and finding ways to bring premiums down is a huge win for an organization’s bottom-line.
Investing in the right safety management company can help lessen the burden from high insurance premiums by keeping injuries low and boosting a culture of safety. Bringing in Optimum Safety Management to perform a thorough safety analysis identifies vulnerable areas where a company can improve their workplace safety and avoid the potential issues that spike insurance premiums.
Lower ERM
Reducing the number of onsite injuries also lowers a company’s Experience Modification Rate (EMR). Maintaining a low EMR is a key factor for employers looking to lower their workers comp insurance premiums as the EMR is used to determine how much risk workers face while working for an employer. Driving down their EMR thus saves employers on workers comp premiums.
The EMR for a company is calculated using several factors but one of the most important factors is a company’s injury rates over the last three years. Other important factors that negatively affect the EMR include OSHA fines and safety penalties. Which is why Optimum focuses on eliminating injuries, avoiding OSHA fines, and maintaining safe workspaces for the businesses they partner with through actionable safety plans.
Fewer Production Losses & Restrictive Duties for Injuries
The only way for a company to continue being profitable is by continuing to produce their product or service. This becomes difficult when injuries and issues stop production, prevent workers from completing their tasks, or necessitate workers only perform light work or modified duties. Suffering even one major injury can have a massive impact on a company through blown timelines, production costs, fines, and lost cultural peace of mind.
But a company needs to understand where issues exist before they can proactively avoid injuries. Which is why part of the Optimum P3 Safety Culture AnalysisTM involves thoroughly learning the processes and procedures of a workplace onsite from the employees. Understanding how the work is done from the people performing the duties helps Optimum custom tailor actionable solutions to each employer. This directly addresses the issues present while integrating more thoroughly with each company’s standard operation procedures.
Avoid the costs of lost production, high premiums, and risky work habits. Invest with a safety management company focused on learning your business and providing the clearest path forward toward success while saving money. Optimum Safety Management works with your business to establish a culture of safety that benefits the entire organization and provides a roadmap for a long road of safety success. Explore how the Optimum P3 Safety Culture AnalysisTM can benefit your workplace today.
Optimum Safety Management provides the information and services to help companies develop safety leaders and improve overall safety performance. For more information on how Optimum Safety Management can assist with your businesses’ safety needs, contact an expert today, or reach out via phone at 630-759-9908.
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