How Do Workplace Safety Inspections Lead to Company Profits in Boston?
Regular inspections by the Occupational Safety and Health Administration are not welcomed by employers. However, these inspections actually reduce injury rates at these workplaces, deflate worker’s compensation costs and increase profits. Read on to learn more from our Boston workers’ compensation lawyer.
According to the results of a new study, workplace safety inspections are actually good for employers. The researchers were looking at whether government regulations reduce company profits and kill jobs, as many business groups claim. The study found that far from killing jobs or reducing profits, these inspections actually increased profits at workplaces.
The researchers found that workplaces that were put through regular inspections recorded 9.4% lower injuries. These workplaces also saved as much as 26% in workers compensation costs in the years after the inspections took place.
The findings also indicate that a workplace that undergoes a number of inspections saved an average of $355,000. The savings came not just from the reduced worker’s compensation claims, but also reduced lost hours and lost productivity.
In fact, the research provides further proof that conducting more inspections across all 50 states can actually save millions of dollars every year. According to the research, if stringent inspections by the Occupational Safety and Health Administration were to be conducted in all 50 states, employers would see improved safety benefits worth as much as $6 billion.
Regular inspections keep employers on their toes, and encourage managers and supervisors to follow all safety standards. that means a reduced risk of injuries. The reduced worker’s compensation costs simultaneously lead to higher profits. That’s all the more reason why companies should be welcoming inspections by the Occupational Safety and Health Administration.