KEEPING EMPLOYEES SAFE
KEEPING
EMPLOYEES
SAFE IN THE
WORKPLACE
A
re you looking for a “win-
win” proposition for keeping
your employees safe in the
workplace? You may not have
undergone a comprehensive
risk consultation by your insurance agency,
but having one can save you money in
the long run. Your broker can not only
help you uncover the best combination of
coverage and cost but also help manage
your risk profile to present you to potential
underwriters in the best possible light.
It’s a natural tendency for insurance carriers
to try to pigeonhole your business into a
neat and tidy category. For example, for
workers’ compensation coverage, perhaps
you would be classified as retail, transpor-
tation, residential construction, or light
manufacturing. For property, your category
would be based on use (office, retail, habi-
tational), type of construction, level of fire
protection, flood risk, and other potential
hazards. Underwriters would examine your
loss history, including the frequency and
dollar amount of your claims, to determine
whether your premium would be more or
less than the average. If your loss history
includes an aberration, such as a freak
accident, a claim reporting inaccuracy, or
an injury with an undetected third-party
recovery in your favor, it may translate into
an artificially high premium. A risk consul-
8
tant can help you avoid inflated premium
assessments by advocating on your behalf to
explain past incidents and discuss mitiga-
tion strategies moving forward.
A risk consultant can also help with asset
preservation by reviewing vendor contracts
and certificates of insurance to ensure
proper wording and sufficient risk protec-
tion. Services may include reviewing hiring
practices, safety training protocols, frequen-
cy and effectiveness of retraining, and haz-
ard reduction initiatives. Questions the risk
consultant may pose, for example, include
“Are physical requirements clearly explained
in your job descriptions?” and “Are there
avoidable safety hazards in the workplace?”
Experienced risk advisors can help ensure
that you are well-represented to carriers
and that your risk exposure is minimized
to the greatest extent possible. They will get
to know your company intimately and rep-
resent you with integrity, along with a mix
of grit and determination, questioning any-
thing that may seem unfair. They can also
review your current processes and programs
and assist in identifying areas for improve-
ment, either prior to marketing your account
or to help comply with carrier recommenda-
tions and government regulations.
The beauty in implementing these changes
is that not only will your company be better
protected in the event of an accident but
your employees will be better off too. Rec-
ommending safety improvements, eliminat-
ing work hazards, clarifying expectations,
and instituting new policies can all contrib-
ute to a better work environment in which
employees are not just safer but likely more
satisfied and productive to boot. This shift
can pay off big in protecting your company’s
assets and reducing operating costs, allow-
ing you to invest fully in your company’s
future. For more information about how
our agency can provide a risk consulta-
tion for your business, please contact us at
nesbitagencies.com. +
Wayne Nesbit is a
Vice President at
Nesbit Agencies
and works with a
wide variety of clients
on their insurance
BY: WAYNE NESBIT
programs, including
NESBIT AGENCIES
assisted living facilities,
property management
companies, and restaurants. He can be reached at
[email protected] or 952-746-4312.