In an industry where the bottom bid is king, there is simply no margin of error when it comes to protecting profits earned in the security industry. According to a report by the OSHA, a business operating at 2 to 3 percent profit margin must realize sales of products or services totaling $250,000 to generate $5,000 of profit. Numbers like these make it easy to see why the protection of employees and assets is paramount to the industry’s financial health.
Revenues lost paying OSHA fines are just that: Revenues Lost! Yet the Security Industry (SIC 7381) has been cited more than 450 times between June 2004 and June 2009. With OSHA fines averaging $2,300 per citation, these fines total over a million dollars in lost profits.
Security companies must follow the same regulations as any other business subject to OSHA regulation. Although there are no regulations specific to the security industry, there are several advisories and guidelines. Among these is OSHA Advisory 3335-10N 2007 Preparing and Protecting Security Personal in Emergencies, U.S. Department of Labor, Occupational Safety and Health Administration