Reducing risk and potential costs associated with workplace injuries

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,

This information and any accompanying material does not consider your personal circumstances as it is of a general nature only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances and considering the Product Disclosure Statement. 


Important Information 

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice. This type of insurance product is designed for small and large businesses, that want to be covered against financial loss relating to accidents or personal injury involving contractors or sub-contractors.

We strongly recommend that you consider the suitability of this information, in respect of your objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.