I look at risk as a combination of probability and consequences. If the probability and consequences of an accident are low, then the risk is low. If the probability is high and the consequences are high, then the risk is high. Perceived risks then drive spending and investments and while we can’t put a specific value on reducing risk we typically will measure an expected Return on Investment (ROI) for what we spend. If you have not already made the investment to have an Arc Flash Risk Assessment done at your facility you need to know about and consider the probability and consequences.
The probability of an Arc Flash is related to the quality, care, and age of your electrical system. The consequences of an Arc Flash can be devastating. Arc Flash explosions are known to cause serious damage to your facility and personnel. What is the impact to your business if an arc flash explosion shuts your production line or facility down for a day, a week or a month? You need to consider the total financial loss of an accident; costs that include the disruption of your business and to your customers can be substantial. Regulatory fines alone can be crippling.
An Arc Flash Risk Assessment is required by OSHA and will-full noncompliance can quickly extend fines into the millions of dollars. What about future expenses then like increased insurance rates and injury settlements. It can be shuttering to consider, but what about the cost of a death of an employee.
The good news in all this, however, is that the cost of having an Arc Flash Risk Assessment done is low. It’s very hard to place hard numbers on the cost of an accident. However, if the risk of an accident is rather high but the investment is low, it makes the decision easier to deal with. An Arc Flash and the resulting explosions can be devastating to your organization and the employee that is not properly prepared or protected against it. Whether your motivation is to protect your employees, meet the OSHA requirements, or protect against future expenses; having an Arc Flash Risk Assessment completed by qualified and trained professionals is important. Contact the experienced Arc Flash specialists at Thompson Automation and Specialty Services at 844-321-3869 today to learn more or to have them perform an Arc Flash analysis for your facility.