Our general policy is if you get seriously hurt, leave campus and then call 911, so the school's not liable.
Kidding, in case anyone actually thinks I was serious there...
But anyway, keep a first aid kit easily accessible, and make sure people know where it is. Teach people the safe ways to use machinery (note: when teaching this, teach THE SAFE WAY, and say there is no other way to do it but this. Teaching what not to do will make them more likely to have the idea of the unsafe action in their head.) Make sure you keep the shop generally clean, so there's no clutter to make it an unsafe area. Also, make sure you try and keep people relaxed in the work areas, because where's there's stress, an accident usually follows shortly. A good way to keep people relaxed is to emphasize that the shop area should be a laid back safe place, and maybe play some soft trance or relaxing reggae during shop hours (it's what I do!)
Safety can never be over done, or over obsessed, on a FRC level anyway...
It's a good thread to start!