Mitigating Risk is Big Business
- Team CrewTracker
- Jun 12, 2020
- 2 min read
In 2016 there were 2.25 million slip and fall claims with a total payout of $63 Billion Dollars in the United States
Parking Lots (35%) and Sidewalks (25%) accounted for 60% or more than 35 Billion Dollars of the payout.
Mitigating risk has never been more important!
The first call to action in any litigation typically involves records and documents. Think about gathering and photocopying handwritten time sheets, check lists, photographs and such – or – running a computer generated report neatly bundled, time and date stamped including photos and all working notes relating to services that is stamped and verified with GPS Co-ordinates. The value and importance of records and your process in obtaining them cannot be overstated, or valuable when the call comes, as they do sometimes.
As Insurance Premiums skyrocket to the point of putting Snow and Ice Management Companies out of business technology has proven to keep insurance costs manageable and in line for companies utilizing them.
Considering the average cost of a slip and fall claim is 28,000 and that Insurance Premiums are directly related to those claims, the ROI is high, and cost swiftly justified.
Managing Risk with Quality Documents and Records Pays Off https://www.youtube.com/watch?v=dLi821TP9Co https://www.crewtracker.com/solution
Sources
Total Claims 2,250,000
Average Cost $28,000
Total Payout $63,000,000,000
Parking lots 35% = 787,500 claims = $22,050,000,000
Outside Buildings 25% = 562,500 claims = $5,750,000,000
Sidewalks 21% = 472,500 claims = $13,230,000,000
Other 19% = 427,500 Claims = $11,970,000,000
Shelly Kipp, Customer Success Manager at CrewTracker Software
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