One serious on-the-job injury can potentially cost a business owner tens of thousands of dollars in wage-replacement costs, replacement-hire costs, regulatory fines and lost productivity.

One important way insurance agents can provide a valuable service that strengthens their client relationships is to help business owners establish a culture of workplace safety.

In addition to reducing the risk of incurring injury-related expenses, making the necessary investments to become a safer workplace can save a company money over the long-run. The Occupational Safety and Health Association estimates that business owners can save $4 to $6 for every dollar invested in a safety program. Also, many workers' compensation insurance carriers offer discounts to companies that have workplace safety plans, which can result in lower premium costs.