REGULATIONS
Regulations Can Save
Your Business Money
R
egulations are everywhere. Whether it’s OSHA
regulations in seemingly every workplace, DOT
regulations on the roads, or any of the other
government regulations which affect businesses
in a slew of niche fields, every business has
regulations which must be followed. Often, to business owners
(and employees on the ground level), these regulations and
precautions can make no sense. They all exist for a reason, but
those reasons are not always obvious. Thus, many regulations
and regulatory agencies can appear at first glance to be a burden
on the individuals they are affecting. The truth, however, may
be surprising: regulations can save your business money and
improve efficiency.
The largest source of money that regulations can save you
is, without a doubt, fines. Not following regulations is going
to open your company up to a slew of fines from regulatory
agencies and, in all likelihood, also throw the door wide open
to civil or criminal liabilities. Minor violations of OSHA
regulations, for instance, can carry a $7,000 penalty. Willful
violations will see that number increase tenfold all the way to
$70,000. Those aren’t numbers most business owners are going
to scoff at. And those numbers aren’t even including potential
lawsuits stemming from neglect of regulatory rules.
BY: WAYNE NESBIT
NESBIT AGENCIES
to reduce claims, this one is a no-brainer.
Ultimately, people ignore regulations in an effort to cut corners
and improve efficiency. Unfortunately, the result is the opposite.
Either paying fines slow down the growth of the business
or workplace injuries or incidents throw normal operating
procedures into disarray. Doing things the right way can be
slower and tedious, but as the old saying goes, slow and steady
wins the race. Do things the right way from the beginning and
it won’t be any challenge at all to keep them up as the company
grows. It also won’t be a huge headache in the event an accident
or an inspection needs to take place.
Do you know t he ins and outs of regulation in your industry?
Does your company have all its i’s dotted and t’s crossed? Even
if you think you do, it pays to be 100 percent sure. That’s where
professionals come into play. Contact us at any time at 952-
941-9418 or at nesbitagencies.com to find out more and to
get started on a comprehensive review of the regulations your
company should be (and needs to be) following. +
Safety programs stemming from the guidelines which are set
forth in many regulations can be used as a proactive measure
to keep your equipment and employees safe. Not only that, but
they are a great way to save money on insurance premiums
and claims. Many insurance companies will offer discounts or
reduced premiums based on existing safety programs and past
claims. Since many proactive measures are in place specifically
Wayne Nesbit is Vice President at Nesbit
Agencies and works with a wide variety of
clients on their insurance programs, including
assisted living facilities, property management
companies, and restaurants. He can be
reached at [email protected] or
952-746-4312
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