How To Build A Business Case for Safety Improvements
There are several steps that organizations can follow to build a business case for safety improvements:
- Identify the potential benefits of safety improvements: The first step in building a business case for safety improvements is to identify the potential benefits of those improvements. This can include quantifying the potential costs of accidents and injuries, such as workers’ compensation claims, legal fees, and the cost of replacement workers, and estimating the potential productivity gains that could result from reducing the risk of accidents and injuries.
- Estimate the costs of safety improvements: The next step is to estimate the costs of implementing safety improvements. This can include the cost of purchasing new equipment, training employees, and implementing new procedures.
- Calculate the return on investment (ROI) of safety improvements: Once the potential benefits and costs of safety improvements have been identified, organizations can calculate the ROI of those improvements by dividing the potential benefits by the costs. This can help to determine the financial impact of safety improvements and to determine whether they are justified.
- Communicate the business case for safety improvements: Once the business case for safety improvements has been developed, organizations should communicate it to key stakeholders, such as management, employees, and financial decision-makers, to build support for the proposed improvements.
Overall, building a business case for safety improvements involves identifying the potential benefits and costs of those improvements, calculating the ROI, and communicating the business case to key stakeholders.
Latest Posts
October 17, 2023
AI Tools for Safety
AI Tools for Safety: A Pre National Safety Council Webinar AI is rapidly transforming workplace risk. Now, CompScience gives safety professionals tools to quickly report risk, train workers and measure improvements which we will demo in the Safety Tech Pavilion at the NSC Congress. Join the webinar plus QA with CompScience CEO Josh Butler […]
Read more
June 20, 2023
Workplace Safety AI: The Webinar for Workers’ Comp Agents
Learn why AI is rapidly transforming workplace safety into a differentiator and how you can use safety analytics from CompScience to help clients lower injury rates and lower costs. Mike Seling and Jacob Geyer explain how AI is rapidly transforming workplace safety into a differentiator for agents and how you can use safety analytics help […]
Read more
April 27, 2023
How To Reduce DART Rates
Reducing the dart rate is a critical goal for any safety manager, as it directly relates to the safety and well-being of employees in the workplace. The dart rate, also known as the days away, restricted, or transferred rate, measures the number of days employees are away from work due to occupational injuries or illnesses. […]
Read more
December 11, 2024
Revolutionizing Workplace Safety with CompScience’s Risk Report
At CompScience, we believe that managing workplace safety should be simple, actionable, and impactful. That’s why our workers’ comp program includes a unique service: a personalized AI-powered Risk Report. This tool empowers clients to tackle safety concerns head-on, driving better outcomes, reducing injury rates, and lowering claims frequency. Our Risk Report isn’t just data; […]
Read more
November 21, 2024
How CompScience is Revolutionizing Workers’ Comp: Insights from Josh Butler on the InsurTech Geek Podcast
At CompScience, we’re driven by a mission to make workplaces safer and insurance smarter. Recently, our founder and CEO, Josh Butler, had the incredible opportunity to share our story and vision on the InsurTech Geek Podcast. In this episode, Josh explores the cutting-edge ways CompScience is leveraging AI, computer vision, and data science to […]
Read more
November 21, 2024
Winter Workplace Hazards: Tips for Hazardous Industries
Winter brings unique challenges to workplaces, especially in industries where medium to high hazards are already part of the environment. Icy conditions, heavier gear, and changes in workflow all contribute to increased risks. Addressing slip/trip/fall incidents, ergonomic challenges, and powered machinery hazards is critical to keeping workers safe and preventing costly workers’ comp claims. Here […]
Read more
October 30, 2024
Revolutionizing Workplace Safety: CompScience’s AI-Powered Integration with Verkada’s Camera Systems
At CompScience, we’re dedicated to using AI-powered safety analytics to help organizations prevent workplace injuries and enhance risk management. By integrating with Verkada’s state-of-the-art camera systems, we’re providing safety professionals with unparalleled insights and the tools needed to create safer work environments. In our recent webinar, we highlighted how this seamless integration between CompScience […]
Read more
October 1, 2024
The Power of Data in Ergonomics
At CompScience, we’re excited to share our recent feature in Business Insurance, which highlights how our AI-driven approach to ergonomics is helping companies create safer, more productive workplaces. The article, “Data Key for AI-Based Ergonomics Strategies,” emphasizes the critical role data plays in transforming how businesses approach workplace safety and injury prevention. The Power […]
Read more
July 15, 2024
Josh Butler on the Predict and Prevent Podcast
Tune in to the latest episode of the Predict and Prevent podcast to hear our very own Josh Butler discuss his motivations, the origin story of CompScience, and how AI and computer vision are revolutionizing injury prevention and transforming the insurance industry and workplace safety.
Read more