Frank Winston Crum Insurance's Loss Control Manager, Greg Andress, shares his thoughts on how franchisees can invest in workplace safety with Franchising USA Magazine.
Below is an excerpt of the article:
You have a lot of reasons to establish a safe workplace. First and foremost is the safety and well being of your employees. Next is the common sense element – your employees can’t be productive if they are injured and unable to work.
Then there’s the cost of workplace injuries, something that can occur in any franchise industry. A recent University of California Davis study indicated that the total (employer and employee) cost of occupational injuries and illnesses is estimated at nearly $250 billion annually.
But what many franchisees may not know, is that investing in workplace safety and injury prevention can actually yield a return on investment of between $2 and $6 for every $1 invested, according to the National Safety Council.
Understanding the real costs
The actual cost of workplace accidents may come as a surprise. Sure, there are the direct costs for workers’ compensation insurance and deductible or claim fees. But that’s just the beginning. The hidden costs, even with an insured program, can be another 2-5 times the direct costs.
Read the whole article here: Invest In Workplace Safety: A Franchisee’s Guide to a Safer, More Productive Workplace