Costs Escalate - the True Cost of Workplace Injuries

Written by on 6/26/2017 2:34 AM in , , . It has 2 Comments.

To reinforce the importance of workers comp management safety strategies, the National Safety Council maintains records of the average costs of fatal and nonfatal unintentional injuries to better illustrate their impact on the economy.

The Costs of Occupational Deaths & Injuries are Mind-Numbingly High
Total costs in 2013, as a measure of dollars spent and income not received subsequent to accidents, injuries, and fatalities, adds-up to a whopping $206.1 billion. They include:

  • $91.0 billion –wage and productivity losses
  • $57.9 billion –medical costs
  • $40.6 billion –medical expenses
  • $11.5 billion –employers’ uninsured costs (money value of time lost by workers, cost of time to investigate injuries, file reports, etc.)
  • $2.3 billion –damage to motor vehicles involved in work-related injuries
  • $2.8 billion –fire losses

A Closer Look
As if these numbers aren’t painful enough, a closer look at expenses revealed an average cost per worker of $1,400, including the value of goods or services each employee must produce to offset the cost of workplace injuries.

When injuries required medical consultation, costs soared, coming in at an average of $42,000 per worker, including wage losses, medical expenses, administrative and employer costs, and a work-related cost per death of $1,450,000.

Unless a motor vehicle was involved, these estimates do not include property damage. In 2012, the latest year data was available, $61.9 billion was paid-out under workers’ comp:

  • $31.0 billion –income benefits
  • $30.8 billion –medical and hospitalization
  • Plus an additional $33.4 billion by private insurance carriers

Setting workers comp management goals to prevent the devastating impact of workplace accidents pays huge dividends. Head costly accidents off at the pass and set yourself up for success with the help of MinnesotaCompAdvisor today.

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