Risk Management And Vending Business

For many Planet Antares vending operators, workers’ compensation premiums have increased by more than 100 percent. The causes for this trend are multiple but vending operators can manage costs by implementing an effective risk management program.

One of the fastest rising operating costs for automatic merchandisers today is the cost of workers’ compensation insurance. Worker’s compensation costs are among the fastest rising insurance costs. This cost can be controlled by an aggressive management program.

Another rising trend in the automatic merchandising industry is that of highway deaths. These losses, medical expenses, wages-replacement rates and investment income create an environment where it has become difficult to know the net result of vending business. However, workers compensation programs vary from state to state.

There are different cost aspects of workers’ compensation, both direct and indirect. You can decide which one to use in your Planet Antares vending operation. The cost components include:

• Premiums
• Rates
• Expense modifications
• Corporate culture
• Accountability
• Training
• Hiring
• Return to work programs

Whatever the cost components, the best control begins with risk management.
You would be required to protect all the employees of your Planet Antares vending business from work related injuries by Planet Antares Corporation. If you do not have coverage and an employee is injured, there are major consequences to be faced. These may vary by state and would include:

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

Just remember that the primary asset of your Planet Antares vending operations is your employees, and their safety must be one of your biggest concerns. Their security will also benefit them, but it will also benefit your productivity, as well as your operating expenses.

You need to work at creating a safe and secure work environment and a corporate culture in which injuries are unacceptable. Every employee must be conscious of safety. This needs to be combined with employee safety training programs. An effective risk management program will lead to a successful vending business.