Complete Story
01/22/2020
Prevention Could Mean Profits
Source: Risk Management Corner, Federated Insurance, January 21, 2020
Establishing and promoting a culture of risk management can have a silent, but significant, impact at your business. Prioritizing safety and judgment can help protect your people and your profits. Emphasis on workplace safety and loss prevention — from senior management to front line employees — helps businesses run more efficiently and avoid errors that could dent or break the bottom line.
Every injury, every lawsuit, every poor hire, every missed opportunity to plan can pull money out of your pocket. Insurance helps pay for the direct costs of a loss, such as property damage, medical bills, and legal expenses. But your business is responsible for some related expenses — hiring and training new employees, lost productivity, low morale, damaged reputation, and potentially higher insurance premiums.
Hard to Detect, but Still Worth It
Workplace safety, employee screening, sound policies, and other risk management practices are essential. The tricky part is that the outcomes of a good risk management program are difficult to demonstrate. When everything goes right, you don’t have any examples to prove how effective your efforts were. There’s no paperwork, no accident site photos, no medical bills. But think about it: A chunk of your profits can disappear every time an employee slips, strains a muscle, falls, or fails to follow company policies and procedures. In this case, the absence of proof is the proof.
Federated Insurance provides many different coverage options for printers and graphic communications companies. They include: limited pollution coverage, equipment breakdown endorsement, publishers liability insurance, graphic edge commercial output policy, graphic arts errors and omissions insurance and a graphic arts umbrella liability program. You don't know how much you need these great safety nets… until you need them. The short-term cost is minimal compared to the long-term risk you're taking.
To learn more about United Insurance or Federated Insurance, call the Association at (614) 794-2300.
