Although no workplace accident is ever good news, many organizations feel confident saying they at least understand the direct cost of such incidents. However, the truth is that many companies tend to overlook the indirect costs, which can be just as damaging--if not more. Here's what you need to know about the indirect costs of workplace safety issues.
What Do Workplace Safety Problems Cost?
Employees and employers alike understand the importance of workplace safety; the most proactive even invest in workplace safety training courses to help build better work environments. But what happens if an accident does occur?
Let's take a look at the two types of costs associated with workplace incidents:
Direct Costs
Direct costs are often immediately obvious and somewhat easy to measure. They include medical bills, workers' compensation, prescription medications, and more. These fees are clearly an important consideration when measuring the real cost of an accident on the job, but they don't provide the full picture.
Indirect Costs
Indirect costs are just that--indirect. They're difficult to identify and even more difficult to put a specific number on--but nonetheless, they can have a serious impact on an employer's bottom line.
Here are just a few examples of indirect costs from a workplace accident:
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Loss of productivity
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Training temporary replacement workers
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Incident cleanup
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Property damage
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Reduced morale
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OSHA fines
Conclusion
The truth about workplace incidents is that they're even more expensive than you may have thought. As such, it's especially important to protect your workers and work site from potential accidents--and the best way to do that is to explore workplace safety training courses.
Contact us today to find out more about workplace safety training and how it can help save money for your organization.