Tag Archives: cost

Restaurant Workplace Accidents Are COSTLY!

We all know that safety is important, but are you aware just how costly a workplace injury can be? According to the Occupational Safety and Health Administration (OSHA), the average eye injury costs $1,463. It may not seem like much money, but the extra expense to pay for injuries has a powerfully negative effect to our restaurant’s bottom line.

Why is profitability also an important issue to you? The only way that  can stay in business is to operate at a profit, and that ability can be threatened by a serious workplace injury.

The Real Cost of Workplace Injuries

It may be surprising to hear that most companies do not have a high profit margin—3 percent is about average. Expenses take a large chunk of the income, and competition limits how much we charge our patrons.

Each time an accident occurs, the cost of the injury must be subtracted from profits. Consider the following two examples:

  • At a 5 percent profit margin, an extra $20,000 in sales is needed to compensate for a $1,000 injury.
  • If the profit margin is nearer to 1 percent, an additional $100,000 worth of new income is necessary to maintain that profit level for the same injury.

As you can see, that adds up to a lot of extra income just to compensate for a single injury. And we all know that we can’t just find more customers because we need the extra income. Thus, every time a worker gets hurt on the job, other employees are affected, too. The company may be forced to make difficult budget decisions such as cutting hours or jobs, plus some employees will need to work extra hours to make up for the injured employee’s lost time.

Also, recovering from an injury can mean time away from work, reduced compensation, painful rehabilitation and frustrating adjustments to daily life.

Practice Prevention

Though operating at a profit is essential to our success, our top priority is to keep our employees safe and healthy. That’s why we are counting on you to help practice good safety principles, including following all safety procedures, even if they seem unnecessary or slow you down. Safe work behavior will contribute directly to our bottom line as well as to everyone’s job security. By observing safety precautions, we can limit accidents.

It is always wiser to spend a bit more time doing the job safely than to risk getting a serious injury. Be sure to always follow all safety guidelines and stay alert for unsafe conditions

Tagged , , , , , , , , , , , , , , , , , , , , ,

5 Most Common Insurance Claims

Insurance claims are made every day. Looking at the most common claims made just goes to show exactly how much of what’s important to us in our everyday lives can be protected by purchasing insurance.

Wedding Insurance

A majority of wedding insurance claims are made for lost deposits. This can be a hotel closing down, a caterer failing to show or an absentee photographer. All nightmare situations, but thankfully all covered under the policy. After that it’s illness or injury, usually when it results in the wedding having to be rearranged.

Pet Insurance

A recent study has found that in a two-year period, four in ten pet insurance policy holders made a claim against their policy. The majority of these claims, 70%, are for pet illness or accident and injury.

Auto Insurance

There are a number of situations that can result in a claim against your auto insurance, but by far the most common are fender benders. Minor accidents like those that occur in parking lots or at stop signs. Usually damage is minimal and more of an inconvenience, but making a claim rather than paying for the repair yourself is a good way to test the full extent of your policy and become familiar with the claims policy.

Home Insurance

Claims against home insurance can be weather damage, theft or fire however the most popular claim is water damage. Claims for water damage make for almost 69% of claims, mainly as a result of faulty plumbing rather than flooding.

Cell Phones

Many people don’t know that they can protect their phone with a specialized policy, but as technology becomes more advanced phones are becoming more important and so many are opting to purchase insurance. A recent study has revealed an alarmingly high claim rate against these insurance policies – mainly for damage. It’s estimated that 51% of mobile devices given as Christmas presents have been damaged in some way already. In fact the overall majority of claims are made within the first four months of ownership.

So looking at the most common insurance claims, do you have the right protection for these circumstances? You never know, you may have to make one of these claims yourself.

If you have insurance questions, click here to ask an expert

Tagged , , , , , , , , , , , , , , , , , , ,