The Benefits of Offering Safety and Risk Management Programs Alongside Workers’ Compensation Coverage
A workers’ compensation program can always be more effective and more user-friendly as there’s not always a one-size-fits-all way to approach coverage. Implementing safety and risk management programs may seem like an added financial burden for a small business or a local contracting company to consider, but such a plan can find a place from business planning through contractors workers’ compensation insurance to the planning of operations.
Risk management programs provide the strategic basis and the operational outline for taking care of crisis management within a company, as well as providing a policy for crisis management. When adding these programs to workers’ compensation insurance, such as through Tangram Insurance Services, companies can find major organizational benefits.
Here are some reasons why offering safety and risk management programs alongside workers’ compensation coverage can be beneficial.
What is Risk Management?
Safety and risk management to a contracting company may have a different meaning than to a financial planner, but in general, they refer to managing factors that get in the way of achieving initial business targets. A risk management program may include several disciplines, such as financial risk, liability management, or health and safety initiatives, which all may come together and combine with each other. The needs of a business outline the scope of a program as, just like workers’ compensation insurance, there isn’t one uniform approach.
Data can be used today to spot inefficiencies in workers’ compensation programs as well as keep claims from spiraling out of control. In just the same way, risk management programs can find ways to provide more efficient processes on worksites and in legal claims. The presence of a risk management program may provide a company by providing due diligence in legal action, which can potentially limit and protect liability in a lawsuit.
When a risk management program outlines and prioritizes major risks that are likely to take place, businesses can improve their chances to plan and respond in time. Additionally, this can save a business from having to be away from their regular activities. Health and safety components of a program may pinpoint equipment safety, which can reduce lost-time injuries. Production contingency planning gives a company’s staff different ways they can route production, even if some equipment is out of commission.
Helping Business Culture
Having a safety or risk management program installed in a company shows that a business is taking responsibility while also looking for ways to be more effective as a whole. Workers have knowledge of expectations and leadership from the beginning of their employment and a company develops a reputation as being professional and transparent.
Companies who invest in these programs will be able to build and support strategic planning through the development of a program and will be able to establish a standard to which they can evaluate overall performance and adapt to the ebbs and flows of changing needs.
About Tangram Insurance Services
Located across the Golden Gate Bridge, just outside of San Francisco, Tangram Insurance Services is a full-service Managing General Underwriter and Program Manager offering specialty programs. We focus on industry-relevant coverage, competitive pricing, and practical business and risk management solutions for your clients. Since we are not all things to all people, we make sure to create outstanding custom-built solutions that matter to those businesses, and the brokers who serve those industries. Contact us at (888) 744-9810.