According to Liberty Mutual’s Workplace Safety Index, disabling on-the-job accidents and injuries created a total $61.88 billion worth of losses for American businesses.
“We rank the top 10 causes of the most serious, nonfatal workplace injuries by their direct costs each year to help companies improve safety, which better protects both employees and the bottom-line,” said Debbie Michel, general manager of Liberty Mutual’s National Insurance Casualty operation. “Workplace accidents impact employees’ physical, emotional and financial wellbeing. They also financially burden employers, who pay all of the medical costs related to a workplace injury, together with some portion of an injured employee’s pay. Beside these direct costs, workplace injuries also produce such indirect costs for employers as hiring temporary employees, lost productivity, quality disruptions and damage to a company’s employee engagement and external reputation.”
The top five most expensive injuries accounted for nearly 65% of the total cost, and the top ten injuries added up to $51.06 billion. “Overexertion involving an outside source” injuries were the most costly by far, making up 24.4% of the total costs just by themselves. Other common, costly injuries included “falls on same level,” “falls to a lower level,” injuries incurred when struck by a fallen object, and being caught or compressed in workplace machinery. This study did not include costs associated with fatal injuries, which may have skewed the findings somewhat.
The nearly $62 billion worth of costs that workplace injuries incur break down to $1.19 billion costs every single week of the year – a cost that your company should try to avoid contributing to in every way possible! Safety software is the best investment for your future. Keeping track of safety programs and training within your company will definitely reduce the possibility of injuries and their associated costs, which then frees up resources for your company’s overall success.
