Registration: Liability Insurance Savings?

Marc

Marc

Fully vaccinated are you?
Staff member
Admin
#1
#1
From another thread:
Icy Mountain said:
.....at the last company I registered the CFO congratulated me when received our cert. because his liability insurance payout just dropped by $100K per year due to the 9k94 registration. I got it in writing, presented that against the WHOLE cost (consultant, employees' time for training, steering, auditing and implementing, registrar cost, etc.) of registering, gee folks, looks like this project actually saved us money! And will save us this $$ every year.
Click to expand...
Has anyone else noted a reduction of liability or other insurance costs? Seems logical to me but I've never had that specific feedback from a client.

Icy, when you tune into this thread, could you tell us more about the company? How big? Type of product?
 
GAGEpack - Gage & Calibration Management
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R

Randy Stewart

#2
#2
In a round about way. The Safety Committee took the process evaluation approach in their attempt at injury reduction. They have made some fantastic improvements and have really received "buy-in" from the shop floor.
In '01 we had 53 injuries, in '02 26 and '03 YTD 14.
In '01 we had 5 Lost time injuries, in '02 4 and this year 2.

According to our financial reports the "benefits" gained by reduction in insurance payouts has been offset by the the rise in our BCBS costs. Another factor that skews the figures is that we are on less hours this year. We have another metric based on 200K hours worked that still shows a reduction.
 
Randy

Randy

Super Moderator
#3
#3
Because of confidentiality issues I can't give the exact company, but I can say a major home appliance manufacturor here in the US has definitley experienced savings in this area that they can trace back to their system and registration. Their insurance carrier and finacial institutions (capital lending companies) include QMS & EMS in the criteria and mix of information in rate information. I've seen the data, the problem is I cannot divulge much more than the above.
 
M

Mike S.

Happy to be Alive
Trusted Information Resource
#4
#4
This is a new one to me, but hey, savings are savings. Maybe we've found something (other than keeping customers who demand it) that the ISO cert. itself is good for! Hooray! :)
 
Icy Mountain

Icy Mountain

Sachem
#5
#5
Marc said:
Icy, when you tune into this thread, could you tell us more about the company? How big? Type of product?
Click to expand...
I'll say as much as I can but I need to be vague and careful, please understand.
The company had sales of ~$50M per year. Two sites, headquarters and mfg. ~250 employees total. Product line was machinery condition monitoring hardware and software (deliberate vagueness). Products were used in a variety of industries (some requiring 10CFR50, Appendix B, wink, wink, nudge, nudge) to assess the health of equipment. End result, if the product didn't work properly folks may have been exposed to equipment that was dangerously faulty or very expensive equipment may have damaged itself vs. shutting the equipment down.

Having said that, you will most likely have to put on your most pleasant aspect to drag this kind of info out of the finance guys. Like I said before, sometimes I get lucky.
 
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