A new tool is available on our website to caluculate the true costs of an injury.

What are the costs of an injury? The surprise to most companies is the actual cost of an injury and what that means to a business’s bottom line. The direct costs are the easiest to see and understand. These costs are the ambulance services, hospitalization visits to see the doctor, prescriptions, disability, etc.

The National Safety Council did a study that found the average work related injury cost $38,000 (2005). On the surface it seems that an injury of this type would cost $38,000, but in practice it costs much more.

The indirect costs, which are estimated between 4-10 times the direct costs, must be figured into the cost of an injury. These costs include administrative time, loss of production, replacing the worker with another, legal actions, etc. Additionally the company must make revenue at a profit margin to pay for these expenses. The true costs of safety quickly add up.

To get a better understanding try using this true cost of injuries calculator and adjust the amounts to see how much an injury might cost your business. You will quickly see that safety is a very smart business decision and the right thing to do.

To learn more about cost savings through safety read this article Cost Savings through Better Safety by a Mark J. Steinhofer, PhD, CHST.

Labels: calculator, cost, injury, roi