These are the facts:
According to the Dept of Labor, the soft or indirect costs of a claim (loss of productivity, rehiring, retaining, etc.) are between two and twenty times the direct cost of a claim.
General requirement OSHA fines average $3,200 per fine and over $6 million per year.
For every $1 invested in workplace safety, employers realize $3-$10 in both direct & indirect cost savings.
The National Safety Council estimates that, on average, preventing a workplace injury can save $39,000, and preventing a fatality can save more than $1.4 million.
We go far beyond insurance. The Soden Agency has developed its own, proprietary risk management process called SAFE 365™ for business owners and executives who want the ultimate peace of mind. As a general outline, this process consists of four steps:
1. Study – We learn about you and identify your risks and needs, known and unknown.
2. Analyze – We analyze data to determine the best course of action to control and finance your risk.
3. Finance – We customize and implement insurance and non-insurance risk financing solutions
4. Execute – We implement control and safety solutions; we monitor 365 days per year.
Contact us to learn more and schedule a consultation.
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Reduce Losses With Risk Management Services
The Soden Agency realizes that simply having quality insurance coverage is not the only solution to minimizing financial losses. This is why we also offer risk management services that allow you to gain a full understanding of how you can make changes in your policies and procedures that reduce the risk of losses before they occur. In some instances, risk management can even help you secure the best rates on property insurance NJ companies require, as it reduces the chance of you needing to file a claim. Our risk management service begins by conducting an assessment of your current business operations, property, and employee responsibilities to find potential areas that could lead to a significant incident that affects your business.
Once the assessment is complete, we will put together a plan that involves strategies for risk reduction, loss prevention, and risk transfer. Although some hazards are unavoidable, eliminating as many as you can and preparing financially for those that are possible protects your business in the long run.
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