A strong workplace safety and loss prevention program is necessary for businesses to manage risk and provide protection for your workers and brand reputation.
Therefore, organizations need to focus more on implementing a program that meets both employees' and employers' needs.
Statistics on Workplace Safety and Loss Prevention Programs
Employers incur high costs in compensating workers who get injured during their duties.
Some of the compensation goes into settling claims on loss of productivity, time spent managing the administration of claims, and time invested in hiring or training new employees.
These aspects are contributing statistics related to workforce safety and loss prevention programs.
The key statistics include:
- In 2021, the market size for compensation insurance coverage in line with workforce injuries and illness was $56.8 billion.
- As of 2020, there were 4,764 fatal occupational injuries across the United States.
- The transportation sector registered the highest fatalities, with 1,778 fatal injuries representing about 37% of work-related fatalities.
- Suicide cases triggered by workplace issues stood at 259.
- In 2017, about 4,779 of the 5280 worker fatalities occurred in the private sector.
The Importance of Workplace Safety
Workplace safety is emerging as a critical priority for most organizations globally.
A safe workplace fosters growth elements for an organization.
Overall, the safety of workers should focus on loss control through the provision of a safe working environment, safe equipment, policies, and procedures to ensure workers' health and safety.
Safety in the workplace has significant repercussions on many businesses as it helps in:
- Employee retention
- Employee productivity
- Boosts company's reputation
- Minimize property damage
- Minimize corporate financial losses
4 Components of a Strong Workplace Safety and Loss Prevention Program
Organizations should strive to design and implement well-designed safety management programs.
Notably, an employer's ability to guarantee the employees' safety relies on designing, implementing, and improving safety management processes and loss prevention measures.
Below are the critical components of a strong workplace safety program and loss prevention program.
1. Top-Down Commitment and Support
Management should foster a culture of safety at the workplace.
Management can do so by getting employees involved in making safety decisions, focusing on training, and cultivating an environment in which employees can leverage knowledge to make safe decisions.
2. Safety Audit (Hazard Identification)
One of the causes for workplace injuries and illness is a failure by organizations to identify or recognize hazards.
Therefore, adequate workplace safety and loss prevention programs must assess risks through an ongoing process.
- Collecting and reviewing details about present or potential hazards
- Conducting initial and periodic workplace inspections to spot new or recurring hazards
- Investigating injuries, illnesses, incidents, and close calls to determine underlying issues
- Considering hazards associated with emergency or non-routine incidents.
- Determining the extent and likelihood of incidents resulting from each hazard identified to prioritize corrective actions.
3. Loss Prevention and Control
Risk is present in any organization, so a formal risk management program should establish a practical way of identifying, monitoring, and managing risks.
The loss prevention program can be achieved through some of the following activities:
- Developing and providing health and safety training programs.
- Establishing the roles and responsibilities of an employee, supervisor, and management in worker safety.
- Inspecting and coordinating self-audits.
- Providing or identifying resources to correct facility deficiencies.
- Refresher training and assessments for new, potentially hazardous work.
- Monitoring and evaluating the effectiveness of safety programs.
4. Ongoing Training of Supervisors, Managers, and Employees
Employers must emphasize conducting constant training of all levels of employees.
The training should provide instruction, information, and training necessary to ensure their health and safety.
This component lowers the chances of employees suffering injuries or ill health.
Consequently, the employees acquire skills, knowledge, and attitude to make them safe.
Workplace Safety Tools and Resources
Below is a list of critical organizations at the center of providing workplace safety and resources.
The Occupational Safety and Health Administration (OSHA) is a significant regulatory agency mandated with inspecting and examining workplaces.
Generally, the organization is charged with enforcing various whistleblower statutes and regulations.
The entity offers workplace safety program inspections vital to reducing injury rates and injury costs without adverse effects on employment and sales.
OSHA also ensures workers' safe and healthful working conditions by setting and enforcing standards and providing training, outreach, education, and assistance.
National Safety Council
The National Safety Council is a crucial safety advocate focusing on eliminating the leading causes of preventable death.
Organizations can rely upon NSC’s research and data for recommending smarter, more personal safety initiatives.
Additionally, organizations can leverage NSC’s in-person and online workplace safety training to eliminate workplace deaths.
NSC also hosts a library of resources to help employers solve unique safety challenges.
The materials cover chemical substances, physical factors, like fatigue and social factors, and mental health wellbeing.
National Institute for Occupational Safety and Health
NIOSH is a federal agency tasked with the primary responsibility of conducting research and making recommendations to prevent work-related injury and illness.
The agency's core functions that benefit employers include:
- Inspecting workplaces for compliance with safety and health law.
- Examination and testing equipment.
- Measurements of workplace pollutants.
- Investigation of occupational accidents and diseases to prevent a recurrence.
- Medical examinations of employees.
- Training on occupational safety and health, first aid, and fire safety.
- Approving architectural plans for buildings aiming to house workplaces.
- Sharing information on occupational safety and health to customers.
Bottom-Line Impact Of Workplace Safety & Loss-Prevention Programs
Comprehensive knowledge of workplace safety and prevention programs goes a long way in saving your company costs related to claims files filed by employees who get injured.
Worth noting is that having a solid safety program will go a long way in preventing hazards alongside additional costs.
Safety is paramount at any organization to enable employees to thrive in their duties.
However, some organizations might not be well equipped to handle all arising workplace safety questions.
If you have any questions about workplace safety programs, contact our underwriting team for more information.