How Workplace Safety Training Can Save Businesses Thousands

December 11, 2023

an arrangement of safety equipment at work

More often than not, workplace safety and compliance training are seen as an inconvenience. However, ignoring the importance of workplace safety training can come with significant financial risks. In 2012 the Australian Bureau of Statistics reported that $62 billion AUD was lost in the Australian economy due to workplace injuries. Therefore, workplace safety training should become a priority for businesses of any size.

Workplace safety training can help businesses avoid costly fines or even prevent deadly accidents.

Benefits of Workplace Safety Training

Adopting workplace safety training can help organisations in several ways:

  • It can save money in the long run by indirectly reducing costs associated with medical care, workers’ compensation, and possibly litigation.
  • Worksite safety training can make sure that all staff members are familiar with proper procedures and processes. This minimises errors and prevents unfortunate accidents, ensuring that employees are aware of their rights and responsibilities.
  • Moreover, having a training program in place reassures employees that their safety is a priority to the organisation, thus promoting a supportive environment that can boost morale.

Types of Workplace Safety Training methods

  • Interactive classes
  • Safety videos
  • Simulated activities

The cost of neglecting Workplace Safety Training

Failing to invest in workplace safety training can have dire consequences for your business. Not only can inadequate safety training lead to long absences from work due to injuries, but it can result in violations and fines from government agencies.

Besides the costs for insurance, legal proceedings and damages, neglecting workplace safety training can also cost an organisation its reputation. Negative media attention is sure to follow any serious injury at the workplace, not to mention the potential loss of customers.

Businesses may decide to overlook workplace safety training due to budgetary constraints, but doing so can ultimately be counterintuitive: it could end up costing a business more in the long run due to expensive legal battles and insurance claims.

Best practices for Workplace Safety Training

Organisations should conduct safety training regularly so that safety practices stay fresh in employees’ minds. Furthermore, it would ensure that employees are following the latest regulations and compliances.

In addition to safety training, businesses should make sure they have comprehensive worker’s compensation insurance in place. Not only is this type of insurance compulsory by law for businesses in WA, but it could further mitigate the risk when workplace accidents occur.

To ensure you are fully compliant with the law, contact an expert insurance adviser at Westside Insurance Specialists to assist in setting up your Workers’ Compensation Insurance.

Important Information

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice.

We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product


About Westside Insurance Specialists

At Westside, we’re proud WA locals. We feel fortunate to be part of an enormously successful network such as Insurance Advisernet and are always very mindful of where our prosperity comes from – the community.

A people-focused business manager, Michael places a high level of importance on creating long-term relationships of value and trust. Spearheading Westside Insurance Specialists for almost 10 years, and in the insurance industry for almost two decades, Michael is well credentialed to provide stellar insurance solutions for his client base.

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