Over a Whopping $62 Billion Paid Out for Workplace Injuries

Written by on 6/12/2017 2:48 AM in , , , . It has 0 Comments.

Lost-time workplace injuries, those in which employees miss 6 or more days of work, cost American businesses big. Did your workers comp management shortcomings contribute to the terrifying total of nearly $62 billion in 2013?

Key contributors
Accounting for 82.5%, or more than $51 billion of payouts, the 10 leading causes of the over $1-billion-per-week spent on disabling, non-fatal injuries include:

  1. Overexertion – nearly 25% ($15.08 billion)
  2. Falls on same level – 16.4% ($10.17 billion)
  3. Falls to lower level – 8.7% ($5.4 billion)
  4. Struck by object/equipment – 8.6% ($5.31 billion)
  5. Other exertions of bodily reactions – 6.7% ($4.15 billion)
  6. Roadway incidents (with land motor vehicles) – 4.8% ($2.96 billion)
  7. Slip or trip (without fall) – 3.8% ($2.35 billion)
  8. Caught in/compressed by equipment/objects – 3.2% ($1.97 billion)
  9. Struck against object/equipment – 3% ($1.85 billion)
  10. Repetitive motion injuries involving micro-tasks – 2.9% ($1.82 billion)

High costs all-around
In addition to costing the workers’ comp industry and employers billions in medical costs, workplace injury takes a tremendous toll on the affected employee’s physical, emotional, and financial well-being. And the costs don’t stop piling-up there. The indirect toll to employers is likewise massive, including the training of new or hiring of temporary employees, lost productivity, and damages to quality and company reputation.

Pushing for change
By highlighting these direct costs, the 2016 Liberty Mutual Workplace Safety Index aims to shed light on the most serious workplace accidents, providing these statistics as a benchmark for safety performance and to better highlight the need for safety improvements and tools.

Workers comp management issues stacking up? Get the help you need from Minnesota Comp Advisor today.

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