Reducing risk and potential costs associated with workplace injuries
Every business and industry has occupational and safety hazards that can result in injury to employees and contractors. Some workplaces have a higher risk of work-related incidents than others. Despite how big or small your business is, regardless of the industry or the state or territory, all business owners are required to protect the health, safety and welfare of their employees and other people at work.
While worker’s compensation insurance helps to manage the financial costs of medical bills, wage payments and lump sum awards for permanent injury, it doesn’t pay other hidden costs such as reduced productivity, team member stress, reputational damage, overtime etc.
What is work health and safety (WHS)?
It’s essential and also required, under OH&S laws, to manage workplace risks for employees, customers, visitors and suppliers. Managing WHS may initially cost money and time to implement safe practices and install safety equipment. However, not taking action can result in prosecution, fines and loss of skilled staff.
Managing health and safety
A workplace health and safety management system is a set of policies, procedures and plans that systematically manage health and safety at work and can help to minimise the risk of injury and illness from workplace operations.
There is a lot of free material online to assist in managing work health and safety risks, including How to Manage Work Health and Safety Risks from WorkSafe QLD.
Well-designed policies and procedures help organisations comply with work health and safety legislation and regulations, assist employees by minimising injuries at the work site, as well as minimising indirect costs to the company.
Contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here, we can guide you with Emergency Planning and Business Continuity. We pride ourselves on being informed about risk and insurance and ensuring you have the right Insurance policy for your needs.This article was published by our AFSL Licensee, Insurance Advisernet Australia P/L, www.insuranceadviser.net
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