Slips, Falls Can Trip Up A Community Bank's Bottom Line
WARREN, NJ, June 29, 2006 - "Community banks that have not taken control of slip-and-fall hazards may find themselves with
a tarnished public image and facing a costly liability lawsuit," said Vic Stewman, vice president, Chubb & Son, and banking
sector manager for Chubb Specialty Insurance. "A majority of general liability claims reported by community banks involve
slips and falls, and many could have been prevented if the bank had a strong loss prevention practices program."
"Falls that result in injury can also contribute significantly to a company's insurance costs," said Steven D. Hernandez,
senior vice president of Chubb & Son and worldwide loss control manager for Chubb Commercial Insurance. "According to several
recent studies, slips, trips and falls are now the second leading trigger of workplace insurance claims behind motor vehicle
accidents. Approximately 25 percent of Chubb's workers' compensation claims were related to slips and falls."
Chubb's new handbook, Preventing Slip-and-Fall Accidents: A Guide for Community Banks, is designed to help community banks
evaluate and manage their loss prevention programs for slip-and-fall hazards. The handbook reviews the various workplace sites,
both indoors and outdoors, where slip-and-fall accidents are most likely to occur. It also provides information on how to
conduct a hazard analysis of the bank's property and includes a sample hazard checklist that can be used on a routine basis
to assess slip-and-fall exposures.
According to the Department of Labor, 23 percent of workplace injuries are caused by slips, trips and falls-making it the
largest cause of workplace injuries. In addition, falls are the leading cause of death for people age 65 and over.
Stewman noted that slip-and-fall accidents have many hidden costs, such as lost productivity, increased administrative activity
and potential negative publicity within the community. "All of these costs have an adverse impact on the institution's bottom
line," said Stewman, "but the biggest financial impact is when the victim pursues a liability lawsuit against the community
bank. Chubb's new loss prevention guide can assist community banks in reducing this hazard, thus helping to create a safer
environment for their employees and the public."
"Although businesses have little or no control over actions of individuals, they can institutionalize physical controls to
reduce the chance of a fall," Hernandez said. "It is recommended that a preventative maintenance program be instituted at
all community banks."
Chubb's handbook notes some key considerations for a community bank's slip-and-fall risk management program, including:
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Choice of flooring-Consider the flooring materials' coefficient of friction or slip-resistant rating, one of the most important
factors in preventing slip-and-fall accidents.
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Flooring deficiencies-Identify and repair any deficiencies, such as areas that have settled or lifted up, cracks, and missing
pieces of flooring.
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Shoe selection-Educate employees about the proper shoe selection to reduce potential hazards.
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Staircases-Injuries on staircases are a major source of general liability claims. Some items to consider: keep staircases
well lit and free of debris, look for irregular steps and loose or broken treads, and position handrails properly.
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Outdoor walkways and ramps-Keep these well-maintained, well-lit, free of debris, snow and ice, and repair all cracks.
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Parking lots-Speed bumps and wheel stops should be well-marked and located in areas that are not in the direct walkway of
pedestrians.
Chubb's new handbook, Preventing Slip-and-Fall Accidents: A Guide for Community Banks, is available free to Chubb's customers
and can also be found online at http://www.chubb.com/businesses/csi/chubb4992.pdf.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property
and casualty insurance for personal and commercial customers worldwide through 8,000 independent agents and brokers. Chubb's
global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.
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