As a safety manager, you understand the importance of continually improving the safety of your organization. A safer workplace not only results in fewer incidents; it fosters a happier, more productive workplace and benefits everyone’s bottom line.
Still, it’s easy to lose track of the true costs of workplace injuries. You may be making continual improvements at your company, but do you really understand the short- and long-term effects of the accidents that do occur?
Consider this: Workplace injuries and fatalities cost the United States economy a whopping $62 billion in 2016, according to the National Safety Council. What’s more, the Safety Management Group has found that the average direct cost of an injury is roughly $48,000, and indirect costs often approach $200,000. Even assuming a generous profit margin, that means well over $2 million in additional revenue is required to offset the loss! For most companies, cutting corners on safety only leads to losses – both of life and profits.
Of course, even the most conscientious companies are going to have to pick and choose when it comes to their safety spending. According to the 2016 Liberty Mutual Workplace Safety Index, here are the ten most costly workplace injuries.