Workplace Safety Financial Business Strategy
Read Time 7m

Workplace Safety as a Financial Strategy | Pie Insurance

Workplace safety is required by OSHA—but it also makes good financial sense for your small business. Here are several ways safety makes a great strategy.
Workplace Safety as a Financial Strategy | Pie Insurance

Keeping workers safe is required by OSHA—but it also makes good financial sense for your small business.

Providing a safe and healthy work environment not only protects workers from injury and illness, it can also help lower your injury/illness costs, reduce absenteeism and turnover, increase productivity and quality, and boost employee morale.

In 2017, 4.5 million on-the-job injuries required medical attention, and total work injury costs were estimated at $161.5 billion. Read that again: $161.5 billion.

Workplace injuries affect more than just workers’ compensation costs. They also can contribute to increased costs related to:

  • Wage and productivity losses

  • Medical expenses

  • Administrative expenses

  • Motor vehicle property damage

  • Increased workers’ compensation insurance costs

  • Damage to equipment or machinery

  • Hiring and/or training new employees

Top areas of concern in workplace safety

More than 85 percent of non-fatal work-related injuries that lead to missed workdays fall into these three categories:

  1. Overexertion and bodily reaction

  2. Contact with objects and equipment

  3. Slips, trips, and falls

The business case for workplace safety

As a small business owner, you’re always mindful of your budget. Workplaces with effective health and safety programs can reduce their injury and illness costs by 20 to 40 percent, according to OSHA.

Additionally, safe workplaces can lead to:

  • More satisfied, productive workers

  • Higher employee retention

  • Quicker returns to work after injury or illness

  • Higher quality products and services

  • Increased loyalty to the organization

  • Increased community trust

Ensuring workplace safety and a safety culture in the workplace makes good ethical sense—and good business sense. Read more about how to implement safety training in your small business.

Thanks for reading! Please note that this content is intended for educational purposes only. As best practices change regularly, you should refer to your trusted advisor for specific counsel. If you’re a small business owner, learn more about workplace safety or check your workers’ comp rate in 3 minutes.