Stiffest OSHA Penalty Increases Since 1990 for Construction & Crane Companies
Federal penalties under the Occupational Safety and Health Administration’s regulations look to significantly increase in the coming year. This would be the first time since 1990 that an increase anywhere near this magnitude occurred. The increase looks to come in at around 80%. While many are complaining about the increase, proponents are arguing that this is merely meant to keep the penalties in line with inflation.
Others argue that the average fine for an incident were a worker was killed last year was $7,000, far too little in their eyes. Conversely, these fines can have a large impact on small business. With construction and housing just beginning to recover, an increase in fines can quickly put a company under.
These harsher fines came into law under President Barack Obama’s most recent budget bill. Rigging and Construction companies need to be aware of the latest OSHA regulations and have updated safety manuals on hand to mitigate risks and avoid penalties. Having an insurance broker who does more than sell insurance can be a key asset in avoiding these stiffer OSHA penalties.
Contact our trusted advisors at Kirkwood Insurance today to receive the latest construction regulatory and safety information.