Save insurance costs
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.
You are responsible for the health and safety of your employees while they
are at work. With very few exceptions, employers must have Employer
Liability Compulsory Insurance to cover for injuries and ill health experienced
by their employees while at work.
Employers may also have insurance for accidents involving vehicles, and possibly
third-party and buildings insurance. However, insurance policies only cover
a small proportion of the costs of accidents.
Costs not covered by insurance may include:
- sick pay
- lost time
- damage or loss of product and raw materials
- repairs to plant and equipment
- overtime working and temporary labour
- production delays
- insurance investigation time
- loss of contracts
- legal costs
- loss of business reputation.
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.