The direct costs of workplace accidents are just the tip of the iceberg. Businesses and their employees can be hit hard by the indirect costs of an accident, which include:
· Time lost from work by the injured employeeLoss in earning power
· Economic loss to the injured worker’s family
· Lost time by fellow workers
· Cost of training a new person
· Replacement or repair of damaged tools and equipment
· Time that damaged equipment or vehicles are out of service
· Products or work that are ruined
· Loss of production for the remainder of the day
· Spoilage of inventory from fire, water, chemical, explosives, or other causes
· Failure to fill orders
· Overhead costs while work is disrupted
· Unhappy customers
In short, workplace accidents can be far more costly than they initially appear. What’s the best way to control your costs? Prevent the injury in the first place.
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