Workplace Injuries Costs and Causes
Workplace injuries are an unfortunate part of running a business. Obviously, no one wants an injury to happen, but that doesn’t mean one shouldn’t be prepared in case a worker becomes injured on the job. Direct workers’ compensation costs about $1 billion per week to US businesses. In 2009, there were 124,856,000 covered workers with $5.68 billion in covered wages. The number one disabling workplace injury was overexertion, which cost over $12 billion in 2009. Overexertion accounts for 1 out of every 4 workplace injuries, and for 25.4% of disabling injuries.
The direct costs to businesses are workers’ compensation payments, medical expenses, and costs for legal services. But what you may not think of is the many indirect costs, such as training replacement workers, accident investigation, damaged equipment repairs, and low employee morale. Indirect costs of injuries can cost up to 20 times more than the direct costs. Workers’ compensation insurance is required by most US states, however laws may vary by state. Only workers’ compensation will pay medical costs and lost wages, making it a solid investment.
Click here to take a look at the infographic: https://www.boltinsurance.com/news/miscellaneous/workplace-injuries-costs-causes-infographic/