GT Insurance Blog

Insurance problems and cures

Insurance value of workplace safety programs

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We were asked whether a safety program, repairing floors and sidewalks for example, could have an insurance value for businesses.

1) Insurance companies generally have credits available for small and mid-size businesses that properly maintain their workplaces. That can be 5%, 10%, or more even for retail shops. Failure to maintain property can result in demands for immediate correction, backed up by non-renewal or even cancellation of the insurance policy.
2) True workplace safety programs can be very valuable for larger companies.

Workers Compensation Insurance premiums are determined by payroll X rate for classification X experience modification. And experience mods are driven by losses. For example, a simple program of enforcing use of Kevlar gloves knocked down WC costs dramatically for a glass recycler. Driving training, and annual drug tests and motor vehicle record review, can make a huge difference in both Workers Compensation costs and commercial auto insurance costs.
Call us with questions or look at our web site. 1-800-548-2329

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