Why Are Risk Assessments Important to Your Company?

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Life is full of risks that we encounter every day. We assess risk when we’re crossing a busy street or when checking the best-by dates on food. Risk is present everywhere, and it is especially present in the workplace. To protect employees and patrons at work, something known as a risk assessment was put into place. 


What is Risk Assessment?

We know what you might be thinking, “what is risk assessment?”. A risk assessment is a process that involves identifying potential hazards that could negatively affect a business. It helps you in determining the likelihood that this hazard could occur and creating a process to mitigate these risks. Risk assessments are required by law at work because they are aimed at protecting employees and anyone who may step foot in their establishment. While you are legally required to perform a risk assessment at your workplace, many are not aware of the true importance they hold and how they can help your business. So, exactly why are risk assessments important? Let’s take a look.


Risk Assessments Prevent Injuries and Illnesses

Whatever industry you work in, whether it’s food service or finance, the risk of injury and illness is always present. When you perform a risk assessment, you can identify hazards like a wet floor or dangerous equipment that could cause potential harm. Once these hazards are pinpointed, you can work to create a plan of action to mitigate them. Risks of injury and illness should be communicated to your whole company, as it can drastically reduce the likelihood of an accident occurring.


Risk Assessments Prevent Fatal Accidents

Along with preventing short-term injuries and illnesses, risk assessments can prevent fatal accidents. Risks such as fire hazards, machinery, and mold growth can do greater damage to a person than a wet floor or damaged carpet. As risk assessments are completed and communicated to your staff, safety measures can be implemented and keep everyone safe from fatal accidents. 


Risk Assessments Save You Money

The ways a risk assessment can save you money are seemingly endless. Let’s take a look at an example of an employee injury caused by dangerous machinery. When an employee is injured and needs medical care, they will have to take time off from work. Your business will likely have to pay for their time off and the costs of having another employee cover their shift. Furthermore, if the machinery was damaged, you will have to pay to repair or replace the equipment. In some cases, the law can become involved, leading to even more costs that could have been avoided. All in all, executing a thorough risk assessment can prevent the expensive costs and fines that come with these accidents.


How You Can Improve Your Risk Assessment Process

Now that you are aware of how vital risk assessments are to your business, you most likely are interested in how you can improve your risk assessment process and create a safer workplace. At RiskLimiter, we have revolutionized the risk assessment process with our thorough and easy-to-use inspection technology. RiskLimiter Inspector combines advanced technology and a mobile app to help verify employee routines, ensure acceptable facility conditions and enhance your company’s safety procedures. It is even proven to reduce slip and fall frequency by 30 percent and the overall cost of claims by up to 50 percent. For all of your risk assessment tools, use RiskLimiter Inspector to create a safer workplace with fewer accidents. Contact us today to schedule a demonstration!