In 2017, according to a report from the National Safety Council, the cost per worker was $1,100, which includes the value of goods or services each worker must produce to offset the cost of work injuries. (Credit: Joanne Penner/Shutterstock)
Regardless of industry, there is always a risk of a worker injury happening on the job. The number of workplace injuries is declining thanks to new technology and a greater emphasis on safety control programs, but they still occur — and they cost businesses in numerous direct and indirect ways.
Managers and executives might be willing to invest more in safety control programs if they knew how much workplace injuries cost. According to AmTrust Financial's "ROI of Safety: How to Create a Long-Term Profitable Workplace Safety Program" report, a safety program's financial return on investment (ROI) is revealed in increased productivity, improved customer service, savings from fewer injuries and lower workers' compensation costs. The issue is that these savings are often not immediately quantifiable and may take time to realize.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
