The cost of an accident is not simply the cost of medication and/or hospitalization of the injured worker. Taking action to improve health and safety standards, as well as required by law, is also good for your business.
Here are some facts and statistics:
1. In transport company studied, the cost of accidents were equivalent to one-third of its annual profits.
2. Work related ill-health can cost over two times more than accident causing injury.
3. The smaller your business, the bigger the impact will be if you have a serious accident. It could put you out of business.
4. Accidents and ill health caused by work cost time and money.
5. Uninsured costs cannot be claimed. And a poor health and safety record may mean increased premiums or refusal of future insurance cover.
And on top of the financial costs of such accidents, there is also the stress of having to deal with them.
Remember, you can cut down on your costs by preventing accidents and ill health in the workplace. Saving on the costs of these accidents is an investment in the future of your business.
P.S. Watch out for future topics such as: cost of accidents to the company, the uninsured costs and the incident cost calculator.
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