There are no “insurance regulations” anywhere in the world. Those signs that you see in businesses are “using” insurance to protect their own elected safety practices. By doing this, the business has another layer of protection. Protection for Safety reasons and protection for Loss Control. The David Agency looks at how your business practices have been historically and what the future steps would be; whether a total overhaul or a slight change. Your insurance premium is based on how safe your business is. And keeping losses at a minimum has a big effect on the premium you pay.
Loss Control is the science and art of reducing the frequency or severity of losses. It begins with studying all of the losses your business has had in the past. We then review practices, manuals and procedures, as well as targeting employees, engineering and other tools to reduce or eliminate the reoccurrence. By partnering with The David Agency, we can help develop the systems you need to have your business run smoother.
Insurance advisers have been informing their clients that by practicing safety within their business, it will come back to them in premium savings over the long run. Work rules, safety guards, and business practices have become a science. Many dangerous industries have analyzed and implemented a safety culture (through attitude, rules, safety guards, etc.) whereby they do not have “employee lost days” from injury anymore. We can testify that a change in management’s attitude does work. If you already have a good working program, an annual review of safety tools as your business changes is definitely warranted.
To accomplish this tradition in your business, it is supported by the insurance we provide.
The following are safety improvement examples are issues The David Agency finds common among our clients. By practicing these disciplines our clients are able to reduce accidents, losses, and more importantly business downtime and premium costs.
- Installing a sprinkler system
- Central fire alarm system
- Central burglar alarm system
- Backing up computers off premises regularly
- Electrical wiring is performed by licensed professionals
AVOIDING GENERAL LIABILITY LAWSUITS
Have a safety committee, with regular walk-throughs and authority to make change
Eliminate uneven floor surfaces on the interior and exterior
Review your product compared to published standards for utility and safe operation by purchasers
If installing, assure your technicians are certified and attend update training and seminars
In advertising, general communications, and internet communications, be businesslike and fair concerning competitors
PROTECTING FLEET VEHICLES AND PREVENTING LAWSUITS
- Implement a driver recruitment plan
- Decide what moving violations are unacceptable to your risk profile, and make those terms for employee dismissal (ask your agent what violations are not insurable)
- Update your employee manual that Moving Violation Records of all drivers will be run randomly, including what moving violations are terms for employee termination
- Establish a vehicle maintenance program
- Install GPS devices in fleet vehicles that transponds data to satellites and to your driver’s managers to monitor safe driving habits, wear and tear and fuel savings
AVOIDING WORKERS’ COMPENSATION CLAIMS AND LOST TIME
- Lockout/Tag out
- Hearing and Eye Protection
- Ergonomic Work Stations
- Establish and Run a Safety Committee
- Implement Early Return to Work and Light Duty Work Options
- Provide Excellent Lighting
- Provide Safety Rules in Employee Manual
- Have a Drug/Alcohol Policy
AVOIDING PROFESSIONAL LIABILITY (E&O) LAWSUITS
- Communication prevents lawsuits. Call it bedside manners, or call it setting expectations and then meet those expectations.
- Use processes of checks and balances in your process with signature sign-offs. Have someone assigned to assure all documents are signed, before work is released.
- Have a computerized system of reminding you of filing or renewal deadlines.
- We have implemented all of the above and many more with our clients in controlling losses and providing a safe workplace that allows a business to do their business and not end up with the distractions of dealing with injuries, loss or lawsuits and remain viable to continue making profits.
Consult the Chicago Insurance Agents at The David Agency today to learn how we can help develop personal insurance, business insurance and employee benefit plans that are right for you and your business.