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January 16, 2015

What's The True Cost of a Workplace Injury?

When a workplace injury occurs, it's pretty easy to identify the direct cost of a clinic visit. But there are many other costs that might not be recognized for weeks, months or even years. A recent article by Safety Management Group in Indianapolis compares true injury costs to icebergs. Direct costs are the visible part of the iceberg, but it's the 90 percent below the water that can really do some damage.

The article describes indirect costs that might affect your business, including:

  • Lost productivity
  • Administrative time
  • Insurance costs
  • OSHA involvement
  • Morale and reputation
  • Media attention
  • Ability to land new jobs

The total cost of a small injury can quickly grow to thousands of dollars. And every dollar you lose through an injury means you must earn more dollars in make-up work. Simply put, the full cost of a single workplace injury can be far more than the cost to upgrade your safety program or hire a safety professional. Properly managing the safety process allows you to manage and avoid the cost of injuries, rather than letting injuries manage your cost of doing business.

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