Profits are the main reason most people go into business. Sometimes people start businesses based on something they’re passionate about, but ultimately, it’s still about profits. If a business isn’t generating enough revenue to pay the bills and put something extra in the business owner’s pocket, it’s probably not going to last long.
While it makes sense to stay focused on profits, safety should remain a top priority. There should never be a time when safety is sacrificed for profit or convenience. This means companies have to spend a little more money, but it’s always worth it, and here’s why.
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Your employees deserve to know you value their safety above profits. Some people will work for companies that provide unsafe working conditions, but that’s an accident (and a lawsuit) waiting to happen. If you want happy, satisfied workers, you must ensure their safety.
Accidents that can be prevented should be prevented. For example, hydraulic fluid injection injuries are common in the automotive and construction industries but can be prevented by using a specific type of connector. Flat face quick couplers prevent injection injuries by stopping the fluid from flowing when a line is disconnected or connected.
This simple solution saves lives. Fluid injection injuries are said to be rare, but thousands of people are injured every year. This type of injury can cause extensive tissue damage, require amputation of a limb, and even be fatal.
Safety should be included in your company’s budget and not considered something that “eats into profits.” It should always be a required expense that stands on its own.
The moment one of your employees is injured, they probably won’t hesitate to sue if their injury is the result of an unsafe condition they have no control over. For example, if you don’t put slip-resistant mats down in the back of your kitchen for your dishwashers, it’s only a matter of time before someone falls and sues your company. Someone who trips over their foot and falls might not be as inclined to sue you, although they might still file a workers’ compensation claim.
If you think spending money on safety precautions and equipment is expensive, you don’t want to know what a lawsuit will cost. If you get sued and you’re found to have broken the law, including OSHA requirements, your injured employee will probably be given punitive damages on top of compensation for their medical bills and lost wages. Punitive damages are designed to be a punishment and deterrent for continuing the same behavior in the future.
How much you have to pay will depend on several factors, including whether you settle or go to trial, and if you go to trial, the jury can award anything they want. They might go as high as millions of dollars. If you settle out of court, you can still end up paying tens of thousands of dollars. Either way, you will lose plenty of money.
If you get sued, you will be forced to change your company’s policies and safety procedures, so you may as well do it now and save what could amount to tens of thousands of dollars.
If you meet your state’s requirements, you have to carry a workers’ compensation policy for all of your workers. There’s no way around this. Having numerous claims filed will likely raise your policy costs. You might even see the cost of your policy go up simply because claims in your industry are rising in general.
In some situations, injured workers can go directly to an attorney and file a personal injury claim, skipping the entire workers’ compensation process. This is more efficient, and the payout is better for the employee, so this is a real threat to your profits.
Normally, workers are required to file a workers’ compensation claim. However, there are a handful of exceptions. For instance, if you don’t have a workers’ compensation policy, you can (and probably will) get sued. Other exceptions include intentional torts like defamation, intentional infliction of emotional distress, and fraud.
When you value your employees, you should always put their safety first above profits. That’s how you’ll not just keep your current team, but it’s also how you’ll earn a good reputation that will help you fill open roles in the future.
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