The U.S. Department of Labor quotes an average of $29,000.00

In direct & indirect costs, as a result of a single lost time injury!

In Canada, eL-COSH quotes $35,000.00 for the same!

Direct & Indirect Costs:
Often when we look at the cost of injuries we look at the costs associated with the direct costs – the medical costs. The reality is this is only the “tip of the iceberg” Lost time injuries are also made up of both direct and indirect costs, some easily quantifiable and others more difficult to quantify. Some of these additional costs to consider include:

• Lost value of production/income

• Legal costs

• Property and/or tool damage

• Interim equipment and or tool rental

• Impact on insurance premiums

• Paid time off

• Accident investigation

• Overtime for others, increasing cost and putting them at greater risk for fatigue related injury

• Impact on employee morale and absenteeism

• Training and recruiting

• Loss of business or goodwill…

Financial Impact:
The financial impact on your business can be much more than you first may think. We have worked with companies that have attributed direct and indirect costs for a small HVAC-Plumbing company of $87,000 to a medium sized company who had and employee go on Long Term Disability (L.T.D.) at an estimated cost to the company of over $318,000 as the result of just one lifting related injury!

Avoid Costs, Minimize Risk & Maximize Profits with PowerMate^®

Want to learn more about who is at risk and the costs associated with lost time injuries? Reading safety testimonials from PowerMate^® customers?

NEXT WEEK: Changing Attitudes towards Safety in the Workplace