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Straight Talk: The High Cost of Oil & Rising Insurance Premiums New!

Categories: Cleaning Applications, Straight Talk!

By Jeff Cross | June 29, 2022 << Back to Articles Straight Talk: The High Cost of Oil & Rising Insurance Premiums

The rising cost of oil in recent months has impacted every aspect of the cleaning industry. Some of the costs are obvious, such as cleaning solution manufacturing and staff transportation. But did you know oil also has a direct impact on insurance premiums?

As the chairman and founder of the National Floor Safety Institute (NFSI), Russ Kendzior has testified as an expert witness in more than 1,100 slip, trips, and falls lawsuits. According to him, insurance premiums are not designed to go down, there’s always some outstanding risk or outstanding level of fiduciary responsibility that the insurance industry as a whole has to offset. And the only way to do that is through premiums.

In this edition of Straight Talk!, the fifth in a series on floor safety with Kendzior, ISSA Media Director Jeff Cross examines how rising oil costs in turn lead to skyrocketing insurance premiums. Kendzior describes what he calls the compilation of causation, the perfect storm of a lot of little things that add up, leading to a STF injury, which then in turn follows with a lawsuit, causing insurance premiums to go up. The duo discuss how things like oil residue on floors and cooking oil in commercial kitchens can all snowball into injury.

Watch or listen to the complete episode below to learn how to protect your company’s bottom line by developing a culture of safety. According to Kendzior, with a little bit of planning and an internal cultural shift will pay dividends in these uncertain. You can also download an audio MP3 of the episode here.

Be sure to check out the first four parts of Straight Talk!’s ongoing interview series with Kendzior:

Part 1 | Part 2 | Part 3 | Part 4

 


About the Author.

Jeff Cross is the ISSA Media Director. He can be reached at [email protected].