US businesses spend $170 billion a year on costs associated with occupational illnesses and injuries (AIHA, OSHA). The median days away from work due to injuries and illnesses for goods-producing industries was 9 days in 2004, with more than a quarter of days-away-from-work cases at 31 days or more away from work (Bureau of Labor Statistics).
Why you need a Risk Assessment
Most company owners don’t realize the high cost of employee accidents and injuries. Legally, the company is responsible for paying the injured employee’s medical bills and compensation for lost work, but it’s the “hidden” costs that really take a toll on a company’s finances.
These costs might include training a replacement employee, loss of administrative time, repairing equipment, time spent filing paperwork, higher insurance premiums, and low morale among employees.
There are several steps owners can take to reduce the chance of on-the-job accidents. The first step is to perform a risk assessment. Once the main areas of concern are located, the company can then begin the process of fixing it.
Assessing legal liabilities is another key step in the risk management process. Companies need to perform an assessment of their structure to identify any areas which leave them vulnerable to lawsuits or legal action. Unfortunately, legal liabilities oftentimes go unnoticed by business owners until it’s too late.
Certain industries are more susceptible to injuries and illness than others, and a company must prioritize identified risks and hazards based on importance. This should be followed by fixing them in a timely manner. The areas with the highest risk and most severe penalties and repercussions should be placed at the top of the company’s risk management list.
G2 assists you with mitigating risk and exposures leading to potential occupational illnesses and injuries.
The Risk Assessment Process
When you work in the same place everyday it is easy to overlook some potential hazards. An objective party, such as g2, can help bring potentially overlooked hazards to your attention.
Identify the Hazards
According to the HSE (Health and Safety Executive), a hazard is a situation in the workplace that has the potential to harm the health and safety of people or to damage plant and equipment. The situation could involve a task, chemical or equipment used. The best way to prevent injuries or illness in your workplace is to find these hazards and fix them.
One of the most important aspects of your risk assessment is to accurately identify the potential hazards in your workplace. A good starting point is to ask, “what is it about the activities, processes or substances used that could injure my employees or harm their health?”
Evaluate the Risks
You are not expected to anticipate unforeseeable risks.
Your risk assessment should only include what you could reasonably be expected to know.
G2’s Risk Management Consultants take a thorough and unbiased look at what your risks are, what you are already doing to mitigate and minimize those risks, and evaluate what can be done to eliminate the risks.
The final step in the process of risk assessment is to create a hazard management, or risk management plan. This is a continuous plan that addresses the identified hazards in your workplace.
It doesn’t need to cost a lot to improve the health and safety of your workplace.
The services G2 provides emphasize strategic methods to prevent injuries, reduce operational costs and improve production, performance and corporate culture.
- Turnkey Risk Management Feasibility Studies
- GAP Analysis and Implementation Planning
- Risk/Exposure Evaluations
- Liability/Loss Mitigation and Experience Modification Rate (EMR) Reduction Strategies
- Organizational Goal Setting
- Contingency Planning
- Risk Control and Financing Consultation
G2 offers comprehensive risk management services. Contact us to get started today.