Wood Product Manufacturers: Reduce Your Insurance Premiums and Avoid WorkSafeBC Fines

Will Downing, a CapriCMW Risk Advisor specializing in wood product manufacturing, explains how risk engineering reports help wood product manufacturers reduce their insurance premiums and avoid WorkSafeBC fines.
Categories: Business Insurance
May 20th, 2022 | By: Will Downing

WorkSafeBC fines have increased 4,000% in the last five years for wood product manufacturers. The operational practices of those in the industry are being put under a microscope and fines are being imposed in the hundreds of thousands of dollars. What can be done to avoid these penalties and how do they relate to your  insurance premiums? 

WorkSafeBC officers have the authority to visit your facility unannounced and inspect your mill. They will assess your dust management policies, how your fire suppression system is being maintained, whether equipment is being kept in safe working order, as well as other indicators of your compliance with workplace health and safety regulations. Any failures will be noted and classified on a severity scale. High hazard deficiencies will lead to warnings being issued along with potential fines.

Additionally, names of companies that have been penalized are being published publicly as a deterrent for future violations. Explore for yourself some of the recent fines here.

Some common reasons for fines being imposed by WorkSafeBC include:

  • failure to ensure combustible wood dust management program is followed;
  • no fall protection system in place; and
  • machinery not being fitted with adequate safeguards

All of the above are issues that are often highlighted in risk engineering reports, which will include the following:

  • Business overview - in-depth occupancy description
  • Facility construction details - construction class, building dimensions
  • Special & common hazards - combustible dust, waste collection, hot work
  • Exposures
  • Business interruption exposures - market segments and equipment replacement​​​​​​​
  • Management loss prevention programs - municipal fire protection response, overview of private systems in place

On top of bringing awareness to deficiencies in your operational practices and making recommendations for improvements, risk engineering reports can help ensure you are not being overcharged for your insurance. They can save you anywhere from $10,000 to more than $50,000 on your premiums. 

If you are looking for solutions to your rising insurance premiums, CapriCMW's Risk Advisors bring specialized expertise in wood product manufacturing, an in-depth understanding of insurer expectations, and ways to help you get the most favourable pricing, terms and conditions. Contact a CapriCMW Risk Advisor to learn more:

Will Downing
T: 250 869 6096 | E: wdowning@capricmw.ca

Recent Blog Posts

Personal Insurance / ICBC, auto insurance
ICBC Introducing Usage-Based Discounts Beginning in 2023

As part of its intended shift towards more personalized insurance products, ICBC will be introducing…

Nov 24th, 2022 | By: CapriCMW
Personal Insurance / Additional Insured, Named Insured
Three Types of Insureds Explained

Are you aware of the differences between Named Insureds, Unnamed Insureds (also known as simply…

Nov 18th, 2022 | By: CapriCMW
Business Insurance / data breach, cybersecurity, cyber attack
Five Communication Tips for Business Leaders Managing a Cyberattack

BOXX Insurance, a cyber insurance provider, offers five communication tips for business leaders…

Nov 10th, 2022 | By: CapriCMW
Search the Blog

Confidence and Freedom

At CapriCMW, we provide personalized insurance and custom risk solutions to give you the confidence and freedom to focus on what matters to you. Talk to an Advisor or get a quote today.

Get a Quote    Or call 1-800-670-1877

Can’t find what you are looking for? Ask us!