Posted on: May 12, 2016 by titan-goodrich
You probably already embrace some “green” practices in your personal life. For example, you may carry your groceries home in reusable bags, recycle, drive a hybrid vehicle, and turn up your AC when you’re not home. You may be surprised to learn about the benefits of going green to your business. For a business owner, a Virginia Business Insurance Policy is an important risk management tool. In addition to insuring your investment, you may not realize that embracing sustainable business practices is also effective risk management.
Sustainability Can Reduce Save Money and Reduce Your Business Risks
It’s obvious how reducing your business’s water consumption and electricity use is beneficial to the environment. Water is a finite natural resource and creating electricity uses up valuable resources and impairs air quality. Changing to energy-efficient light bulbs, using dimmer switches and automated shutoff systems for lights, purchasing water-saving appliances, and planting water-smart landscaping all will reduce electricity and water use. A nice side effect? Your utility bills will be lower, which will increase your bottom line. The more cash you have on hand the lower your risks are. According to the National Environmental Education Foundation, large companies that embrace green practices are 38% more profitable than those that don’t. Small businesses can enjoy similar benefits.
Sustainability Can Reduce Health Insurance Claims
Sustainable practices such as stocking the employee kitchen with fresh, organic fruits and vegetables, removing junk-food and soda vending machines, and encouraging employees to bike or walk to work reduces greenhouse emissions. Employees will generate less exhaust from their cars and use less fuel. Organic fruits and vegetables are not grown with hazardous chemicals. A cost-saving side effect of promoting such green practices? Employees who participate will become healthier and less prone to certain medical conditions.
Sustainability Can Reduce Workers Comp Claims
Using hazardous cleaning materials in the workplace and using furnishings, carpeting, and even building materials created with chemicals can, over time, cause employees to suffer from breathing problems ranging from asthma to lung cancer. If employees can prove a definitive link between their illness and emissions from their work environment, you could be hit with expensive workers comp claims. Using eco-friendly materials in your building is good for the environment, good for the health of everyone in your business, and good business sense.
Reducing your business risks by going green is certainly something to consider. Reducing your risks by having a comprehensive business insurance policy is an absolute necessity. For help with the latter, contact us at Goodrich & Watson.