The final FIA event of the (financial) year attracted a good and mixed crowd of safety managers and business owners keen to understand the implications of not complying with safety obligations. With prosecutions now becoming a regular thing, it was good to hear not only from FIA legal Partners K&L Gates, but also FIA Business Advisory & Finance Partners HLB Mann Judd on their experiences with clients regarding non compliance of safety obligations. We also heard from FIA Insurance Partner Coverforce, who shared some very interesting statistics on workers compensation and provided advice on how to manage this important expense and obligation.
Legal:
John Makris, from FIA Legal Partners K&L Gates discussed the proactive measures you are required to take to protect your business and the people within your business. Failing to comply with your legislative obligations can have significant implications upon your business and individuals within your business. These include:
- investigations by regulators,
- civil and criminal proceedings,
- disruption to your business,
- impacts on the relationship with your stakeholders and brand and reputational issues.
Insurance:
Julie Giardo and Julie Ring from FIA Insurance Partners Coverforce showed us how Workers compensation is a controllable expense within your business and can be the second largest spend for a business next to wages.
- Have you had an increase in workers compensation premium recently?
- Have you had a difficult claim?
Claims can cripple a business and our panel session shared how to mitigate your losses and invest in strategies that will return significant premium savings.
Financial:
Safety obligations don’t just apply to the on-the-job incidents. Todd Gammel from FIA Business Advisory & Finance partners HLB Mann Judd, took us through a number of case studies on risk and the implications of safety obligation compliance issues to assist organisations in developing a safe and secure business from a financial and operational point of view.
