Based on my experience, the total cost of a work-related injury requiring a visit to the med-center is a minimum of $1,000. The $1,000 expense is comprised of….
- Initial medical facility costs (office visit, x-rays, lab tests, medications)
- Follow up treatment
- Wages for both the person taking the employee for treatment and the injured employee’s initial and follow-up treatment visits
- Labor costs for any days away from work due to the injury
- Labor costs for inefficient use of employee while on job restriction
- The opportunity cost of two employee’s time to seek medical treatment.
- Possible increase in worker’s compensation premiums
- The time to track an OSHA Recordable Injury or Illness
Worker's Compensation Insurance
The expenses above do not mention the potential worker's compensation insurance risk. If a business has too many work-related injuries, a worker’s compensation carrier could cancel coverage making it expensive or impossible to get replacement coverage. An organization can’t remain in business without worker’s compensation insurance.
Creating a Safe Work Environment
It is an ethical responsibility of an employer to provide a safe environment for its employees. Employee morale and productivity will be higher if they are comfortable that the environment they work in is safe.
Everyone must act like an adult and work in a safe manner. Failure to do so should be grounds for termination. It is important for the employees to know that you take safety seriously.
Near Miss Safety Hazards
According to the National Safety Council, 75% of all accidents are preceded by one or more near misses. If a company tracks near miss safety hazards before they turn into injuries, that saves time and money and keeps your employees safe.
Injury Prevention & OSHA Reporting is a software system designed to capture and resolve near miss safety hazards, thereby preventing a majority of accidents before they occur. Should an injury occur, the system will capture the incident details and automatically generate the three OSHA-required forms (Incident Form 301, Log Form 300 and Summary Form 300A).
I share small business insights and tips that I learned from being co-founder and CEO for 12 years at an equipment manufacturing company.
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