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
• fines
• 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.