Risk Management Program Of Planet Antares Inc

A majority of Planet Antares vending operators have witnessed a massive rise in worker’s compensation premiums. The reasons for this phenomenon are simple but operators can manage costs by implementing an effective risk management program.

The cost of worker’s compensation insurance forms one of the fastest rising operating costs for automatic merchandisers. It is a cost that can be controlled by an aggressive management program.

In the automatic merchandising industry, highway deaths are rising at a fast pace. The losses, medical costs, replacement rates and investment income generate an environment which makes it difficult to know the net result. Moreover, worker’s compensation programs vary from state to state.

Both direct and indirect costs are involved in worker’s compensation. You can decide which one to use in your Planet Antares vending operations. Some of the main cost components are:

• Rates
• Premiums
• Expense modifications
• Corporate culture
• Programs like accountability, training, hiring and return to work programs

For best results and control, you need to focus on risk management.

All the employees of your Planet Antares vending business need to be protected from work related injuries. If you don’t have the coverage and an employee gets injured, there are significant consequences that may arise. These vary from state to state and would include:

• Significant fines
• Imprisonment
• Cease work order
• Employee lawsuits
• Higher employee benefit costs
• Personal liability fines

Effective cost management will become possible if you ensure that the primary asset of your Planet Antares business i.e. your employees are safe. This will also bring benefit to your productivity as well as cut down on operating costs.

On the whole, you need to work on creating a safe working environment and a corporate culture with no chances of injury.