What PA Contractors Need to Know About the Cost of Accidents and their Bottom Line... And I forgot the most important thing, you get to keep a LOT MORE MONEY!
Do you know what it cost you when an employee gets hurt... do you know the impact it has on your bottom line?
Many more contractors would be much more receptive to controlling these costs, if they only knew. There are 2 ways to make money: reduce expenses or do more work… obviously the easier of the two is to reduce your costs and that can be done by lowering your workers compensation mod. It is possible to save 20%, 30% even 40% by reducing the on the job accidents and their severity. Below is a WORK LOSS CALCULATOR, so you can get an idea what insurance adjustors and rehab people look at when they are told someone is injured.
We just learned of a long-time friend who died from a work accident, he fell 30 feet, it could have been prevented, the cost for this of course is beyond dollars but it is an example of what can happen, it wasn’t in a Steel Mill or a Mine it was in someone’s backyard.
The costs to you for controlling costs:
- It will cost you a few hours a year
- You will have to take advice from Safety Professionals (we have a relationship with the Safety Practices Dept at Indiana University, they will advise our clients for free.
- You will need to hold 1 safety meeting a month… we supply the subject material it takes approximately 5-10 minutes a month… and they are designed as Tailgate Meetings so they can be done right from the back of a pickup truck at the job site.
- You have to get each employee to initial the safety meeting sheet and fax or mail it it to our agency.
Total time invested to control your work loss record, estimated at 4 hours a year.
The benefits to you for controlling costs:
- We will give you a CUSTOMIZED Injury and Illness Prevention Manual prescribe by OSHA for free, we basically save your bacon, we put the name of the accident reporting team, where the postings are displayed etc. We get you in compliance and you didn't have to do a thing. You are suppose to have one, you could be fined if you have employees. The cost if you bought one for your industry is approximately $600-$1200, we have a special deal with our vendor.
- We will also give you all the reporting forms in Electronic Format in Excel, this will save you hours of work when you have to report an accident... Logs 300, 300A
- Employee downtime can be reduced to 0, you don’t have to train someone new you don’t have to hire someone… the cost just to run a newspaper ad and all the employment regulations, it’s a mine field. You can avoid it completely.
- Save 20%, 30% even 40% off your workers compensation costs… this takes a year to implement but the return can be enormous. Where can you get a job today with a 20% profit margin, everything is going to bid, it’s a competitive world you need an edge. If your costs are lower than the next guy, who has the better chance of winning the job and making more profit. Hey this is a no brainer!
- Save on your equipment you don’t have to do another job if your take home from each job is higher. Save on your liability costs, remember they are a function of payroll. If you are paying more employees to replace others… that is driving up your costs also.
- Remember those Tailgate Safety meetings, and those sheets you had your employees initial , we collect those and put them on the underwriters desk each year and ask for a Credit on your renewal.
- 5% PA merit credit is available also if you register a safety committee with the State -- we help you with this also.
