Please note: the following article was developed for educational purposes only and covers a wide variety of general workplace safety concerns and considerations, some not relevant to workers’ compensation coverage.
Workplace safety should be a priority for every business owner, yet data shows that older generations of business owners are generally more aware of its importance versus younger generations. Our comprehensive survey of 1,034 small business owners as defined by companies with 1-500 revealed a significant gap in how different generations approach workplace safety.
But why is this happening? And what can be done to change this trend?
Let’s explore the generational safety differences and ways small business owners of all ages and their employees can be more prepared.
Our survey uncovered a stark contrast in safety records between generations:
This data suggests that younger business owners experience a higher incidence of workplace injuries.
Mistakes are part of the territory when starting and running a small business but safety should be at the forefront of any business owners’ mind. Accidents aren't always preventable, but many can be mitigated with the right education and preparedness.
Young business owners often bring innovative ideas and a fresh approach to the table. However, with innovation comes a learning curve. A high claims history, especially early in your small business journey, can be detrimental. Not only does a high claims history impact your insurance premiums, but it also affects your bottom line and could tarnish your business reputation.
The good news is that young business owners recognize the importance of safety and want to be more educated.
When asked:
"What do you wish you would have known at the start of your business as it related to workplace/employee safety?"
A substantial 47% each of business owners aged 18-34 said they would have focused more on employee safety from the start and better employee training.
This is compared to 30% overall for those that said they would have focused more on employee safety from the start, and 29% who said better employee training.
This willingness to learn and improve is a positive sign. Younger generations of business owners are likely eager to make changes that will protect their employees and their businesses.
The findings of our survey are a call to action for younger business owners to prioritize workplace safety.
Here are some actionable steps you can take:
Our 2024 safety survey highlights the critical need for young business owners to prioritize workplace safety. By understanding the unique risks within their industry and by leveraging the strengths of all generations in the workforce, they can create a safer, more productive environment.
Pie Insurance commissioned Yougov PLC to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1034 US small business owners, as defined as companies with 1-500 employees. Fieldwork was undertaken between 19th - 27th February 2024. The survey was carried out online.
Thanks for reading! This content is intended for educational purposes only and does not imply coverage under workers’ compensation or other insurance offered through Pie Insurance Services, Inc. Please consult an agent or attorney for any questions regarding applicability of insurance coverage in all circumstances.
