The following is the cost to the company when an accident happens in the workplace:
1. Wages for the injured worker over the period.
2. Loss of production or remedial work required.
3. Overtime wages to cover lost production.
4. Wages for replacement worker.
5. Legal expenses.
6. Fines and court costs
7. Increase in Employees' Compensation Claims.
What are example of uninsured costs?
1. Lost time
2. Extra wages, overtime payments
3. Sick Pay
4. Production delays
5. Loss of contracts and legal costs
6. Damage to products, buildings or equipment
7. Investigation time
8. Loss of business or
9. Loss of business reputation
The cost of accidents and ill health only have real meaning when related to your business. You should compare them to your overall operating costs, or annual sales needed to cover them. Only then you can judge how significant they are.
Showing posts with label ill health. Show all posts
Showing posts with label ill health. Show all posts
Tuesday, September 22, 2009
Sunday, September 20, 2009
The Real Cost of Accidents and Ill Health at Work
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.
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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