Pay Now or Pay Later: Safety Programs Versus Workman’s Comp Expenditures

Written by on 6/29/2016 3:24 AM in , , . It has 1 Comments.

Budget cuts have you stitching together piecemeal safety solutions? You may be overlooking the true expense of skimping on workplace injury prevention. Safety programs and equipment are essential to hang on to when times get lean, and that’s not just lip service…

Opportunity cost
Depending on where you’re penny-pinching, health and safety programs could save you $3-6 for every $1 invested, and OSHA’s $afety Pays program offers a handy calculator to prove it. Estimating direct costs and indirect costs of a workplace injury, the calculator can show you the additional revenue necessary to make up for expenses incurred due to various injuries based on your profit margin.

Exponential advantages
A bone fracture, for instance, would accumulate a total of $79,613 in direct and indirect estimated total costs. At a profit margin of 5%, a business would need to generate an additional $1,592,260 in sales to cover those bottom line costs.

A high cost
Uninsurable and unrecoverable, indirect costs comprise a larger chunk of the pie, such as losses from work stoppage, employee replacement and training, damaged property, fines and law suits. And according to a study by Stanford, the less serious the injury, the higher the ratio of indirect costs.

Changing perspectives
An investment in safety is similar to an investment in homeowner’s insurance. A protection for your most important assets – your employees. Avoid the devastating financial impact lackluster safety can incur. Don’t be penny-wise and pound-foolish. Enhance your workplace injury prevention and protect your business with essential employee safety training and tools.

Workman’s comp issues breaking the bank? Minnesota Comp Advisor can help. Contact us today.

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