Executives often ask about ways to lower business insurance costs. The answer is simple—the safer and more attractive your business looks to a carrier, the lower your insurance premiums are likely to be. The key is creating and cultivating a culture of workplace safety by making employee protection and education top priorities. Here are four tips to do that:
Creating—and implementing—a thorough safety plan not only helps your business protect its people, but it also outlines for carriers the definitive ways in which you do so. To start, identify any potential or existing safety hazards and put protocols in place to eliminate them. Then, develop a written plan that includes specific safety procedures, current and relevant OSHA regulations and guides for best practices in the workplace. Distribute copies to employees digitally as well. If you already have a written plan, be sure to update it regularly and review it with employees to ensure they understand any changes.