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How Safety Impacts Your Insurance Rates

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 Just as every vehicle owner knows that a good driving record can help keep auto insurance rates low, companies should be aware that a good safety record can help reduce all sorts of commercial insurance rates. Of course, insurance companies love clients who don't file claims. According to OSHA, the Occupational Health and Safety Administration, companies that make an investment in safety can expect to reap rewards in the form of all sorts of lower insurance premiums, including worker's compensation rates.

How Soon Will Safety Pay?

All insurers offer safer companies lower rates, but it might be necessary to demonstrate several months to years of a good safety record before earning their trust. However, top insurers may also encourage their customers to implement new safety programs by offering immediate discounts in return for the effort. This is because insurers know that effective safety programs really do work to reduce all sorts of claims for workplace illness and injuries. Of course, they can help prevent property damage too!

Who Can Help Your Company Save Money on Business Insurance?

As the Insurance Information Institute suggests in this article, "How Can I Save Money on My Business Insurance", one of the best ways to uncover real ways to devise effective safety programs is to work closely with your insurance agency or broker. Insurance companies keep all kinds of statistics about businesses, and they provide a great resource of information about potential savings from a variety of programs that might range from stop-smoking classes to work place training courses.

Companies can always consult with insurers about existing operations, and it is also a good idea to consult with insurance professionals before doing anything new. If your company plans to buy a new property, build a new plant, or expand into a new geographic area, a safety plan should be part of the business plan. In many cases, safety can make the difference between profit and loss, so why not start off safely?

Of course, safety has its own rewards. However, to make sure that you reap the biggest return possible on your investment, you can also shop around for the insurer that is willing to reward you the most for doing the right thing. Once your company has become a safe company, you are likely to become a very attractive customer for the best commercial insurance companies.

Quantifying Corporate Safety With Ventiv Technology

The better able you are to communicate with insurance companies about your risks and the things that your company does to reduce risks, the more likely you are to make a good case that you deserve to be one of their best customers. That is just one of the benefits of our suite of safety software technology. It will be easy for you to track incidents, the results of your safety efforts, and actually attach numbers to your programs is you can manage everything with our technology.

 

RMIS Guide

Jun 11, 2015

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