There are many ways to track claim losses for your business: accident investigations, incident rates, claim costs, and claim frequency, among others. Tracking losses helps identify the strengths and weaknesses in your business, and where you should concentrate to reduce your risks and costs.
Preventing accidents from happening at all is one certain way to make sure your business isn’t filing accident claims. Look for “leading indicators,” actions that are taken and measured to reduce the risk for injuries or claims to occur. They can involve part of the production process, management responsibilities, or desired employee behaviors. The business can track them to analyze how effective the company’s safety measures are. Several are listed below.
Choose several indicators that can be tracked regularly, and that are part of the business. For example, one suggested indicator is “Meeting participation rates,” which can be useful if staff meets regularly and has had some difficulties getting everyone to attend. But if employees are often in multiple locations, meetings may not be held that often, making it a poor leading indicator.
Measure each indicator to see if company rules are being followed. If workers are taking risks — and possibly risking injury — you will be able to see where shortcuts have been taken. Then you can work to improve processes and quality control. Over time, you are likely to see better results in your leading indicators. That can be a promotional tool, telling your employees and the world that your company is safe and successful.
We offer a wide range of Commercial insurance products. Find the product that's right for you!
Types of Business InsuranceYou need to protect more than just your business. Get insurance for your personal property too!
Personal Lines InsuranceHastings offers a range of products specifically designed for farmers.
Farm InsuranceHastings Insurance Company
404 E. Woodlawn Ave.
Hastings, MI 49058
Monday-Friday
8:00 a.m. - 4:30 p.m. (EST)
(800) 442-8277
Terms of Use and Privacy Statement© Hastings Insurance Company. All rights reserved.