Direct Versus Indirect Costs of Workplace Injuries

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It's been estimated that employers pay almost billion per Week in direct costs related to workers' compensation. What's even more astonishing is according to the National protection Council, the indirect costs exceed the billion mark to a tune of billion per week! With these facts in mind, is this undoubtedly the time to cut your protection budget?

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Did that raise your attention level? I hope so, because this problem doesn't rest on the shoulders of the guarnatee companies. It rests on the shoulders of every firm owner and something needs to be done. Now.

One of the first steps in controlling this ever growing giant is to educate the very people in fee of their company's workers' compensation and protection programs. Many of these individuals are aware only of the direct costs; i.e., what they pay for their workers' compensation insurance.

We all know holding your employees safe and healthy is the estimate one priority, or should be, of every firm over the country. However, fellowships need to be contentious in order to be profitable and remain a important player in the marketplace. Yet sometimes, fellowships finding to cut costs will reconsider slashing its protection and workers' compensation budget.

With that said, this move may end up costing the firm more money than what it could potentially save. Workers' compensation and protection budgets are too often viewed upon as a shade of gray. Meaning, it's very difficult to truly see value and monitor the rewards of your efforts in hard dollars. The only thing black and white is the dollars going out in workers' compensation premiums.

As we just described above, the direct costs of protection and workers' compensation are the premiums paid, protection investments, and incentive programs. The indirect costs can be described as all unbudgeted costs related with an injury in order to get the worker back to pre-injury status. With a direct versus indirect cost ratio of 4:1, the indirect costs need to be identified to understand the implications of each injury that occurs. Some of these costs include, but not dinky to:

Damage to equipment, machinery, materials, facility, etc.

Production downtime

Lower worker morale

Loss of products or services

Delays in shipment or filling orders

Additional overtime

Managers' lost time resulting from the accident. Also includes inspections, investigations, meetings, and administration

Employees assisting with the accident. Includes administering first aid, and peruse interviews

Hiring and training transfer workers

Wages of transfer workers

Other non-productive time incurred by the injured employee. Includes all healing related appointments

Potential Osha penalties

Attorney fees

That's quite a list and yet it still doesn't encompass every indirect cost. Understand that for each injury that occurs in your workplace, the increase in your workers' compensation premiums is dwarfed by all of the indirect costs related with that injury. Now is the time to take the important steps to limit, or good yet, eliminate all injuries to ensure your company's maximum productivity and profitability.

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