As a business owner, you must know what it takes to not only hire a staff but keep them safe. In fact, health and safety are one of the largest concerns when it comes to your employees. The fact is that many smaller businesses don’t realize how essential it is that they take health and safety seriously. Bearing that in mind, below is a guide to the consequences of failing to take health and safety seriously when you run a business.
Reduced Productivity
When a team member is injured at work, one way that the company suffers is reduced productivity. Whenever there is a staff absence, your productivity levels decline because there are not enough people to complete the work. If the absence is extended, this can result in long-term losses for your business, and probably the cost of replacing the employee on a short-term basis. This means that you would be losing out financially as you would be paying two wages, despite only needing one person to complete the task at hand.
Increase in Insurance Premiums
Taking health and safety seriously means providing insurance when you can. In addition, for most businesses, you are required by law to carry your own business insurance in case of injuries. If your business has to file a claim, as is the case if an employee or visitor is injured, you may see an increase in your premiums. So it’s important that you take health and safety seriously to keep your insurance costs low, and of course, to prevent people getting hurt.
Employee Compensation & Legal Fees
If no one gets hurt at your business, then you won’t be required to pay for any court costs or compensation. However, if a team member has an accident while in the workplace you may see a sizeable claim against you. To look at more info about how this works, go online and do some research. When it comes to these kinds of things it’s always best to be clued up.
The fact is that you must be smart about health and safety. It deserves to be taken seriously.
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