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Small Business Rank Workplace Safety As Top Risk Concern

Posted on: February 19, 2014 by Caitlin Morgan

Small Business Rank Workplace Safety As Top Risk Concern

Small Business Rank Workplace Safety As Top Risk Concern

On average there are 23,000 on-the-job injuries in the United States every day, which adds up to 8.5 million injuries annually. What’s more, the price tag of these injuries is estimated at about $250 billion a year, according to a UC Davis study. This amount exceeds the costs of several other diseases, including cancer, diabetes, and chronic obstructive pulmonary disease (COPD).

It’s no wonder that businesses place such an emphasis on workplace safety. In fact, a recent study by EMPLOYERS, a group of insurers, shows that keeping employees safe at work is a top concern for small business owners (those with fewer than 100 employees). Owners realize that employee injuries can carry a significant cost, not only in terms of medical and Worker’s Compensation expenses, but also in terms of lost productivity and potentially lower workplace morale.

In the survey, when asked which risks business owners worry about the most impacting their operations, workplace safety ranked first (35%), followed by professional liability risks, cyber security, natural disasters and terrorism. Equally, owners expect to be spending more time on workplace safety in 2014 than any other risk.

The most common risks cited are slips, trips and falls, which is line with statistics by the U.S. Bureau of Labor Statistics. According to the federal agency, slips, trips and falls account for nearly a quarter of all nonfatal workplace injuries and 15% of all fatal workplace injuriesthat occur in the private sector. Unfortunately, the EMPLOYERS survey revealed that almost four out of five small business owners were not adequately prepared for these types of injuries, with more measures needed to prevent them. Other common injuries cited include: motor vehicle accidents; contacts with objects and equipment; sprains, strains and tears; fire/explosion; repetitive motion injury; exposure to a harmful substance or environment; and an act of violence.

At Caitlin-Morgan we not only can help you secure Worker’s Compensation insurance for your business insureds but we can also provides assistance in implementing strong safety measures that address common risks (such as slips and falls) in addition to those that are industry-specific. Please give us a call at 877.226.1027 to discuss our Worker’s Comp insurance solutions.

Posted in: Wellness Program Workers Comp Workers Compensation