Risk & Business Magazine Nesbit Agencies Magazine Summer 2018 | Page 29

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 29