Does health and safety software save businesses money?

Does health and safety software save businesses money?

One of the questions we are so often asked about health and safety software, is whether it will save the business money.

On the surface, it can look like health and safety software is an added cost as opposed to something that could save your business money. However, this couldn’t be further from the truth. 

Health and safety software can save your businesses huge amounts in insurance, injury claims and compliance costs, which can not only hurt your business financially but in terms of reputation damage too. Discover why health and safety software can be one of the best ways to save money, and ensure that you have the best practices in place as your business grows.

Here’s some of the ways health and safety software will help you save money:

Improve how your business responds

One of the main costs associated with health and safety that set people back are the response times and how the business responds to an incident.

These are the areas where mistakes can be made, incidents can be left unreported and ultimately the business can be liable. A significant amount of time and money can be saved by implementing more effective safety management and incident reporting systems that help you stay on top of everything that is going on within your business.

Your business could save money with these systems by improving the response time, minimising clean up, encouraging a faster return to normal productivity and preventing the need to replace damaged equipment.

Safety systems that help you set out how employees and contractors should respond to an incident can significantly improve emergency response time, which in turn saves money.

Does health and safety software save businesses money?

Avoid Penalties 

One of the main ways that businesses lose money when it comes to health and safety is when they don’t comply with rules and regulations and end up being fined.

Compliance is crucial to reducing fines and ensuring that things are done the right way on your site or project. With health and safety software in place employees are aware of the guidelines and have an easy to read guide on hand on their mobile or tablet. This helps to minimise error on the businesses behalf and means that your teams can identify and communicate with the right person when unsure of what to do. 

In this regard, the compliance goal becomes much easier to achieve and maintain, which reduces the likelihood of any penalties that can add up in the long run.

Does health and safety software save businesses money?

Reduce costs associated with accidents and incidents

The cost of having an incident occur on your site can be shockingly high. Correcting mistakes, paying fines, or paying out to compensate staff who are injured on your site can make a huge dent in your profits and in some extreme cases even put you out of business.

Having safety management software in place helps to reduce costs associated with accidents in two ways: 

  • Reduces the likelihood of the accidents 

The best way to avoid having to pay out for accidents is to avoid having them in the first place. Health and safety software helps your business do just that by ensuring that measures are in place to reduce the risk of an incident.

  • Ensures you are doing everything correct if something does happen

Sometimes accidents are just unavoidable, and in these moments health and safety ensures that you are covered and have done everything you can do reduce them and report them if they do happen.

Does health and safety software save businesses money?

Save on reputation costs with health and safety software

The immediate costs of an incident on your site are obvious – compensation costs, costs of temporary workers, sick leave costs, insurance premiums – the list goes on.

However, some of the costs that are caused by an incident are hidden. Included in these costs are things like reputation damage and team morale that can cause issues.

If your company reputation is damaged you may find it hard to generate new business, or keep your clients if they don’t trust that your business is operating safely. This is especially true in a small business scenario, where many clients may know each other, or your story may feature in the local news.

Your reputation both internally and externally can have a huge effect on your profits. People need to trust your organisation both from within and without in order for you to continue doing good business, and a health and safety system helps solidify that.

Does health and safety software save businesses money?

Reduce Insurance Costs when you have health and safety software

Another important and often overlooked cost-saving of health and safety systems can be lower insurance premiums.

When a business is able to show that they are compliant and have measures in place to reduce incidents, they will often see a drop in their insurance premiums.

Plus, you will also benefit from a lower rate of injuries and incidents on your site, which will help you in lowering your premium. In having less incidents, and dealing with them correctly when they do happen so that perhaps you don’t have to claim as frequently will ensure that your risk is lower.

This often results in cost savings through lower insurance premiums.

Are you looking for an exceptional health and safety software for your business? Discover Beakon Software today.