If you go through a checklist of workers' compensation benchmark metrics between 1999 and 2008 for Snap-on Inc., you'll find savings and decreases across the board–highlighted by a 42 percent drop in ultimate losses and a 71 percent cut in claims frequency per $1 million of payroll, for example.

But while these numbers demonstrate excellent results, even better is the harder to document but nevertheless very significant human factor that is the core of Snap-on's mission–the number of workers who might have been injured, but weren't, due to improved loss control and safety efforts, according to Dan Kugler, the company's assistant treasurer, risk management.

“While cost is important–and it is a critical factor–when we put it all in place, it was really about being a great place to work where people didn't get hurt,” said Mr. Kugler, who is also a Risk and Insurance Management Society board member. “One of our themes was, 'You can't be a great place to work if you're not a safe place to work. It doesn't equate,'” he added.