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Reducing risk and potential costs associated with workplace injuries

Business Insurance Workers Compensation Insurance

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 us today

Managing workplace risks and reducing potential injuries to employees, clients, and visitors is essential and will be reflected in reduced direct and indirect costs to your business. Our insurance advisers are specialists in assisting businesses with WH&S and workers' compensation. Find your local insurance specialist today.

workers compensation requirements

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Insurance Advisernet, ABN 15 003 886 687, AFSL 240549

This article originally appeared on Insurance Advisernet News and has been published here with permission.