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September 13, 2023
Lyceum Insurance Services

How to Conduct a Workplace Safety Risk Assessment

Your organization must take steps to address potential risks and perils amid its operations. Even the most diligent and experienced companies operating in relatively low-risk sectors must minimize the risk of accidents and errors, as failing to do so could increase the frequency and severity of costly incidents. Your organization should understand the importance of conducting thorough risk assessments.

What Is a Workplace Safety Risk Assessment?

Workplace safety risk assessments should be considered an integral part of your organization’s operations. These processes can help you identify potential threats and possible incidents before they happen, minimizing losses and reducing their likelihood of occurring in the first place. Furthermore, thorough risk assessments may help your business save on insurance costs. A qualified coverage professional like those at Lyceum Insurance Services Inc. may help you understand and enjoy these potential savings.

How Can My Business Ensure a Thorough Risk Assessment Process?

Your organization must avoid cutting corners while conducting a workplace safety risk assessment. Accounting for every detail of your operations and weighing risks and exposures objectively can help ensure that your business has minimized the chances of an incident. A comprehensive and diligent risk assessment should include the following steps:

1. Classifying tasks—Analyze each job at your company and break tasks down into steps to identify where and when incidents may be most likely to occur.

2. Identifying risks—Consider when incidents may most likely occur during each step of tasks conducted in your workplace. Request input from employees with firsthand experience and reference past risk assessments, industry standards and government regulations.

3. Analyzing risk—Assess how likely various incidents will occur and the severity of potential consequences. This step may include research into the average frequency of certain incidents among organizations similar to yours.

4. Identify and implement solutions—After you have assessed possible ramifications related to potential incidents, your organization should begin addressing risks and perils by composing risk management solutions. These measures may include physically changing your workplace (e.g., security systems and safety equipment), composing additional safety training or implementing companywide initiatives.

5. Revisiting regularly—Regardless of how thorough your risk assessment may be, a single review of your operations is insufficient for long-term loss control. Establish a regular schedule for reassessing risks and exposures in the workplace, paying particular attention to your organization’s evolution and any changes in legal requirements.

We’re Here to Help

At Lyceum Insurance Services we have over 40 years of experience helping organizations assess their risks and implement ideal loss control measures. Our dedicated team will work with you to analyze your circumstances, identify your needs and procure optimal solutions. Visit our website or call 301-840-6624 to learn more or to receive a personalized quote today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

Categories: Employee Benefits

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