FLOOR ED
Safety and Risk Management—Reduce Costs and Increase Revenue
2020
Stacy Eickhoff Stacy Eickhoff is senior vice president for Risk Strategies Company. She has worked in the insurance industry over 25 years with a focus on property and casualty within the floor covering and construction industries. Ms. Eickhoff holds licenses in over 40 states. Risk Strategies Company is the endorsed provider for the World Floor Covering Association.
was an unprecedented year, and as we near the middle of 2021, who would have thought we would still be battling the impacts of COVID19. Social Distancing, Face Masks, Hand Sanitizer and 6 Feet have become safety buzzwords for everyone from housewives to CEOs. Willingly or not, almost everyone has had to adapt to a culture of personal safety. In the short term, businesses had to invest in safety measures to comply with a myriad of ever-changing regulations to keep employees and customers safe just to stay in business. The focus on safety the last year is the perfect opportunity to maintain and drive a culture of increased risk management and safety. A robust safety plan and culture can save business owners thousands of dollars and help to increase revenue. An effective safety/risk management program sets a consistent standard of performance for your employees and includes all aspects of your business, from dress code to customer engagement. When talking about safety, most tend to focus solely on employee safety and workers’ compensation and how employee injuries affect your premiums and rates. However, a work-related injury can affect more than just the individual worker and your premiums. A single workplace injury can include the potential for increased costs due to: ● Lost productivity ● Increased injury risk for other employees ● Disruption in the workplace ● Potential loss to equipment ● Harm to company reputation A severe injury can bring potential fines and penalties. According to the Federal OSHA website, during the period of October 2019 and September 2020, the following Floor Covering NAICS codes experienced the following OSHA actions: NAICS Code
Citations
Inspections
Penalties
442210 Floor Covering Stores
6
2
$32,000
238330 Flooring Contractors
52
26
$96,306
238340 Tile and Terrazzo Contractors
45
14
$95,149
https://www.osha.gov/pls/imis/citedstandard.naics
18 Premier Flooring Retailer | TISE Edition 2021
