As an entrepreneur, you manage a thousand things at once in the pursuit of a successful, self-made career. While that drive and motivation are excellent to have, it’s impossible to think of everything at once. While most entrepreneurs have the business and marketing aspects down, they tend to overlook fine details in other areas like worker safety. If you’re in the same boat, then here’s what you should know.
First and foremost, nothing can kill a business venture faster than a workplace accident. The cost of a single fracture, according to the Department of Labor, can cost up to $95,291. That includes direct and indirect costs. So, workplace safety is financially wise.
Insurance and Protection
While you absolutely need insurance, keep in mind that your plans won’t include everything. Protection for worker claims tends to be limited, leaving you with plenty of direct cost. That doesn’t include fines from government agencies, either. If you can up your insurance, do it. If not, do everything you can to ensure your workplace is as safe as possible.
Injuries and Brands
If the financial costs weren’t enough to destroy your startup, consider how a workplace injury would affect your brand. It only takes one injury to destroy countless hours of work on your company’s image, tarnishing its reputation for good. Take a look at the BP or Exxon Valdez spills as proof. For a young brand, the impact is even more devastating.
The Other Side of Branding
There’s more to this aspect of branding than a lack of injuries. Showing consumers that your brand cares about worker safety gives it a personal touch that your audience can relate to. It speaks to them as workers and you as a business owner, showing that you care about each and every person that makes your entrepreneurial pursuit possible.
Awards for Safety
If you’re business plan relies on contracts, then keep in mind that people rarely award these to companies with a poor safety track record. Each accident is the potential to lose lucrative bidders and deals. If you’re looking for maximum growth, this is one area you simply cannot ignore.
Cover All Your Bases
While slips and falls come to mind for workplace accidents, there’s a host of potential hazards to consider. Maintaining the inside and outside of your building ensure no one is hit by falling debris, while worker safety training keeps your employees informed on safe practices.
You also need to consider outside sources, especially if you rely on shipping vehicles. Not only will employees need additional training to drive your fleet, you also need additional insurance. All too many entrepreneurs find themselves in a case with a truck accident lawyer, so speak with a legal professional and cover your bases before its too late.
When in Doubt
In-between marketing, branding, and production, workplace safety is something too many entrepreneurs overlook. It’s a vital part of your business and its operations, and factor you can’t afford to ignore. Following the advice above is an excellent start, but speaking with a professional in the field can help you ensure your businesses is as safe as they come and ready for a fruitful future.