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5 Easy Loss Control Measures to Cut Business Costs

January 14, 2020
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Large or small, a loss to your business can jeopardize operations, revenues and continued success. Comprehensive insurance programs will identify you for losses sustained, but how will those losses impact your long term choice and control in the insurance market? A risk management program is an essential part of this equation.

While our Loss Control team facilitates the strategies, setup and implementation of programs for our clients, there are small measures your team can consider today:

  1. Identifying Hazards – It is important to identify any hazards that may currently exist in your workplace. Keeping track of all incidents to determine frequency and severity allowing you to formulate a proactive response verse a reactivate response after a claim. Review OSHA standards to pinpoint any risks that may be uncovered.
  2. Housekeeping – Keep aisles and hallways clear of debris and raw materials. Floors, workspace and other heavily trafficked areas should be kept clean and organized. Cleaning of equipment should be serviced on a regular basis to continue efficiency for your company.
  3. Emergency Action Plan – Start with creating a working Emergency Action Plan that fits the needs of your exposures. Most importantly it is critical to practice this plan. When an emergency hits, chaos can leave employees frantic and confused. If the practice response is utilized you can save your organization from significantly higher losses.
  4. Outdoor Exposures – Risks happen outside your four walls. Do not forget about the maintenance of potholes and uneven pavement in parking lots, exterior lighting is maintained and clearing any snow or ice from exterior areas will help prevent losses occurring from outdoor exposures.
  5. Safety Culture – Culture focused on safety needs to start from the top of an organization. Having key leadership communicate the importance of safety resonates with employees and prevents losses.

By making improvements in the workplace, your business can have significant leverage in preventing claims, and through a number of ways, experience cost savings.

Contact me direct or learn more on our Risk Consulting and Loss Control page.

Jim Hedrick
Director Risk Management & Client Experience
513.847.0300
Email

Read more from Jim on The Importance of Business Continuity Planning.

 

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