The cost of an accident in the workplace has been defined as, “effects on the costs to a company that would not have been borne if the injury/accident had not taken place.” Calculating the actual costs of accidents at the workplace presents several difficulties.
The high monetary cost:
The National Safety Council estimates the cost of workplace injuries at over $163 billion for year 2020. It is not widely known that the most common injury is a slip and fall accident, accounting for 30% of all work-related injuries. Accidents add up to costs, the more common the accident, the more the associated costs
Slip and fall accidents add up:
The national average cost of a typical slip and fall injury is $20,000, while the cost to litigate a slip and fall claim is up to four times that. When an employee misses a number of workdays with a slip and fall related injury, this drives up work comp insurance costs. According to Workers Compensation statistics from ITT-Hartford Insurance Company and the NFSI, slip and fall incidents account for 20% of all claims. These costs are found in three primary areas: medical treatment, legal fees, and worker’s compensation.
- Medical: Average of $20,000 and up to four times that amount, depending on the severity.
- Legal: Litigation cost is unlimited and depends upon injury and damages, and is one of the top 5 litigious workplace injuries.
- Insurance: More work comp claims equal higher overall premiums, this leads to more employer cost and reduces profit.
The cost in worker well being:
According to the Bureau of Labor Statistics and OSHA, around 25-35% of people who suffer a slip and fall accident sustain moderate to severe injuries, including lacerations, head trauma, and fractures. Slip and fall accidents are the most common cause of head injuries and account for nearly half of all fatal fall injuries among older workers. Slip, trip, and fall accidents can be severe enough to cause life-threatening and disabling injuries and even death and are responsible for 15% of all accidental deaths.
Create a safety culture at the workplace:
Just about every business from manufacturing to food and beverage production facilities, retail and corporate, all suffer from worker loss of time and money due to slip and fall injuries. Doing regular safety audits of work areas to identify slip and fall hazards will go a long way in preventing incidents. Elevated work platforms, ladders, stairs, drain covers, and floor gratings are always areas of concern. The goal is to transform your potentially hazardous workspaces into safe environments, where slips and falls can be avoided. For help planning a safety audit of your facility, contact a SLIPNOT Surface Safety Specialist.