Learn How: Safety Programs Help Contractors Save on Insurance

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Learn How: Safety Programs Help Contractors Save on Insurance

Blair Koorsen is the business development manager at RBN Insurance Services and Jeff Greenhalgh is an insurance advisor at RBN Insurance Services. Opinions are the authors’ own.
Learn How: Safety Programs Help Contractors Save on Insurance
Insurance carriers view many construction companies and contracting businesses as high-hazard. After all, many construction workers and contractors are exposed to hazards, such as falling from rooftops, working with heavy machinery, being injured by construction equipment, electrocutions and exposure to silica dust and asbestos. And claims involving contractors can take years to work through because of the intricacies of contracts, indemnifications and allocating liability among different parties.

Consider a Documented Safety Program

Although the commercial insurance market is in a hard cycle right now and insurance premiums are on the rise for most lines of coverage, one line of coverage that can offset increasing insurance costs for some organizations is workers’ compensation insurance. Securing favorable workers’ comp rates can help mitigate the costs of other lines of commercial insurance.

One step that organizations can take to improve their workers’ compensation risk profile is to have a documented safety program that includes proactive processes to help employers find and fix workplace hazards before workers are hurt.

There are numerous benefits of having a documented safety program in addition to potential insurance savings. Documented safety programs are a recruiting advantage when looking for skilled labor in a highly competitive market. Furthermore, proper safety programs can reduce injuries and claims costs. Equally important, safety programs can lead to a more productive and engaged workforce, resulting in fewer project delays and less lost working time.

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