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Better Workplace Safety Records can Reduce your Insurance Premiums

Better Workplace Safety Records can Reduce your Insurance Premiums
Construction companies have now found an effective manner of lowering their construction insurance and other public liability insurance premiums. All they have to do is to improve their workplace safety records!

Being employers, companies in the construction industry as well as the general industry, are responsible for their employees’ health and safety at the workplace. The best way to go about doing this is through finding and eliminating any workplace hazards. In doing this, employers can effectively improve their workplace safety records and subsequently minimize their insurance liability.

In the United States, companies are governed by OSHA (Occupational Safety and Health Administration). OSHA has for years strived to ensure that workplaces across the nation are hazard free and adhere to all the OSHA health and safety standards. If companies fail to do either of the two, the employees are given the freedom to file a complaint with OSHA or ask for a surprise inspection. Upon finding violations, inspectors can issue fines and citations. These fines and citations are what lead to high insurance premiums.

Companies should ideally identify all the hazardous areas within the organization, and should then take the necessary steps to spread awareness and eliminate these hazards. In the US, there have been more than a 100,000 cases of injuries to worker's feet at the construction site. Even such minor injuries can act as a liability to the company and can easily be avoided by providing workers with safety toe boots.

Companies that wish to reduce hazards can start by implementing safety teams to inspect all areas of the workplace. These safety teams must be properly trained and must be able to identify the hazard areas. Companies can also hire consultants from their insurance companies. These consultants have had vast experience in the past and can help mitigate risks.

All in all, it is important to keep in mind that your insurance premiums are directly proportional to the risks posed at your workplace. So, if you want to reduce your premiums, start by eliminating all hazards at the workplace.