The impact of medical negligence as a business owner
Part of running a business is being responsible for your employees. Not only are you required to keep them physically safe when they are working, but some of the best companies also think about mental wellbeing.
When something does go wrong, it has a huge impact on the entire business. There are obvious repercussions such as financial ones, but there are also ripples which affect morale and the mental health of your employees. Let’s take a look at the different ways medical negligence can impact your business as well as some strategies to mitigate it.
Direct impact
When an accident occurs at work, your business insurance will be used to cover any expenses as well as legal costs. As a result of making a claim, you will face higher insurance premiums which will affect your budgeting for the coming year.
Employees affected by health issues due to negligence will experience a downturn in their productivity. This may be down to needing time off to recover or a reduction in efficiency due to mobility issues.
The financial impact is what most business owners think about, and the effect can be huge. Medical negligence claims can lead to huge costs including lawyer fees and potential settlements. This can directly impact your future financial projections and significantly slow down growth.
Indirect impact
A company’s reputation goes a long way in attracting and retaining customers. Medical negligence claims can be incredibly damaging as they can give the impression that you are willing to cut corners when it comes to employee safety and in other ways. Even if this isn’t true, the thought alone can be damaging.
As well as a reduction in productivity for affected employees, the wider company may be hit with morale issues. If your workers perceive that their health and safety is not being prioritised then it can affect their performance. They may also begin to suffer from anxiety and stress from worrying about their safety at work. This, in turn, can lead to time off work for mental health issues.
Mitigating strategies
One of the most obvious strategies you can employ to protect your business is to invest in comprehensive health insurance. Providing robust coverage can help cover medical costs as well as reassure employees that their health is taken seriously.
Employee education is another area which should not be neglected. Providing training on the different resources you provide regarding health and wellness can help your staff feel empowered enough to take control of their own wellbeing and call out negligence.
If you choose to spotlight mental health awareness, why not look at Employee Assistance Programs? EAPs can provide employees with mental health support and resources. This helps to tackle stress and anxiety, making for a healthier and more productive workforce.
