<p class="p1">In 2018, there were over <a href="https://www.bls.gov/news.release/pdf/osh.pdf"><span class="s1">2.8 million non-fatal injuries</span></a> in private workplaces across the United States. Add injuries in public workplaces and the number could spiral into well over 3 million.</p>
<!-- WP QUADS Content Ad Plugin v. 3.0.1 -->
<div class="quads-location quads-ad135805 " id="quads-ad135805" style="float:none;text-align:center;padding:0px 0 0px 0;" data-lazydelay="3000">

</div>

<p class="p1">Clearly, workplace injuries are a big issue.</p>
<p class="p1">As a business owner or employer, this stat is enough to keep you awake at night. However, the chilling reality of the true cost of workplace injuries won’t hit home until there have been on-the-job injuries in your workplace.</p>
<p class="p1">Why wait until an accident happens to understand how they’ll affect your company? Here’s a brief overview of the cost of these injuries.</p>
<!-- WP QUADS Content Ad Plugin v. 3.0.1 -->
<div class="quads-location quads-ad135804 " id="quads-ad135804" style="float:none;text-align:center;padding:0px 0 0px 0;" data-lazydelay="3000">

</div>

<p class="p2"><b>The Direct Financial Cost</b></p>
<p class="p1">When you think of the cost of workplace injuries, the first kind of cost that comes to mind is the financial cost.</p>
<p class="p1">How much money does your business stand to lose when there’s an on-the-job injury?</p>
<p class="p1">Well, here’s what research says: in 2018, U.S. businesses collectively <a href="https://injuryfacts.nsc.org/work/costs/work-injury-costs/#:~:text=The%2520costs%2520reflect%2520the%2520impact%2520to%2520society%252C%2520not%2520specifically%2520to%2520employers.&;text=The%2520total%2520cost%2520of%2520work,administrative%2520expenses%2520of%2520%252457.6%2520billion."><span class="s1">lost $170 billion</span></a> in work injury costs. Of these, $52.4 billion accounts for lost productivity, $35 billion went to medical expenses, and $57 billion to administrative expenses.</p>
<!-- WP QUADS Content Ad Plugin v. 3.0.1 -->
<div class="quads-location quads-ad135804 " id="quads-ad135804" style="float:none;text-align:center;padding:0px 0 0px 0;" data-lazydelay="3000">

</div>

<p class="p1">Broken down further, these numbers come to $1,100 per injured worker, $1.19 million per employee death, and $41,000 per medically consulted injury.</p>
<p class="p1">This is to say, if one employee sustains a workplace injury that’s bad enough that they have to get care from a physician, your company will lose about $42,100. If the workplace accident is fatal, your company will lose $1.19 million.</p>
<p class="p1">Fortunately for business owners, the vast majority of states have <a href="http://elrodpope.com/six-workers-compensation-laws-sc/"><span class="s1">workers comp laws</span></a> that require organizations with at least three employees to purchase liability insurance.</p>
<p class="p1">If you’ve got adequate workers comp insurance, there’s a good chance you won’t pay anything out-of-pocket. Your business’s insurer will compensate the worker fully.</p>
<!-- WP QUADS Content Ad Plugin v. 3.0.1 -->
<div class="quads-location quads-ad135804 " id="quads-ad135804" style="float:none;text-align:center;padding:0px 0 0px 0;" data-lazydelay="3000">

</div>

<p class="p2"><b>Increasing Workers&#8217; Comp Insurance Premiums</b></p>
<p class="p1">Workers&#8217; comp insurance works just like other types of insurance policies. There are several factors that influence your premiums, including the level of risk associated with insuring your company.</p>
<p class="p1">If your company has a record of on-the-job injuries, your insurance company will have no choice but the increase your premiums. If you were paying about $500 a year, your premiums could increase to about $600 or more.</p>
<p class="p2"><b>Reduced Workplace Productivity</b></p>
<!-- WP QUADS Content Ad Plugin v. 3.0.1 -->
<div class="quads-location quads-ad135804 " id="quads-ad135804" style="float:none;text-align:center;padding:0px 0 0px 0;" data-lazydelay="3000">

</div>

<p class="p1">A workplace injury robs you of your worker(s), no doubt.</p>
<p class="p1">As an employer, you have to decide whether to hire a temporary worker to replace the injured employee while they recover, or keep operating without the employee until they are back to work.</p>
<p class="p1">Whichever option you choose, there’s a cost. Not replacing the employee will reduce your workplace’s overall productivity, while hiring a temp worker will increase your labor costs. In most cases, you’ll still be paying the injured worker, as well as the new worker.</p>
<p class="p2"><b>You Can Avoid the Cost of Workplace Injuries</b></p>
<!-- WP QUADS Content Ad Plugin v. 3.0.1 -->
<div class="quads-location quads-ad135804 " id="quads-ad135804" style="float:none;text-align:center;padding:0px 0 0px 0;" data-lazydelay="3000">

</div>

<p class="p1">Workplace injuries are costly, both directly and indirectly. In fact, it’s possible for your company to go out of business after compensating injured employees.</p>
<p class="p1">The good news is the cost of workplace injuries is avoidable. You just need to improve workplace safety and eliminate all hazards.</p>
<p class="p1">Keep tabs on our blog for more workplace tips and insights.</p>

<div class="essb_links essb_counter_modern_right essb_displayed_bottom essb_share essb_template_default4-retina essb_1991029661 print-no" id="essb_displayed_bottom_1991029661" data-essb-postid="137470" data-essb-position="bottom" data-essb-button-style="button" data-essb-template="default4-retina" data-essb-counter-pos="right" data-essb-url="https://www.explosion.com/137470/a-business-owners-guide-to-the-true-cost-of-workplace-injuries/" data-essb-fullurl="https://www.explosion.com/137470/a-business-owners-guide-to-the-true-cost-of-workplace-injuries/" data-essb-instance="1991029661"><ul class="essb_links_list"><li class="essb_item essb_link_facebook nolightbox essb_link_svg_icon"> <a href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.explosion.com%2F137470%2Fa-business-owners-guide-to-the-true-cost-of-workplace-injuries%2F&t=A+Business+Owner%5C%26%23039%3Bs+Guide+to+the+True+Cost+of+Workplace+Injuries" title="Share on Share" onclick="essb.window(&#39;https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.explosion.com%2F137470%2Fa-business-owners-guide-to-the-true-cost-of-workplace-injuries%2F&t=A+Business+Owner%5C%26%23039%3Bs+Guide+to+the+True+Cost+of+Workplace+Injuries&#39;,&#39;facebook&#39;,&#39;1991029661&#39;); return false;" target="_blank" rel="nofollow" class="nolightbox essb-s-bg-facebook essb-s-c-light essb-s-ch-light essb-s-bgh-dark essb-s-bg-network" ><span class="essb_icon essb_icon_facebook"><svg class="essb-svg-icon essb-svg-icon-facebook" aria-hidden="true" role="img" focusable="false" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M16 8.049c0-4.446-3.582-8.05-8-8.05C3.58 0-.002 3.603-.002 8.05c0 4.017 2.926 7.347 6.75 7.951v-5.625h-2.03V8.05H6.75V6.275c0-2.017 1.195-3.131 3.022-3.131.876 0 1.791.157 1.791.157v1.98h-1.009c-.993 0-1.303.621-1.303 1.258v1.51h2.218l-.354 2.326H9.25V16c3.824-.604 6.75-3.934 6.75-7.951"></path></svg></span><span class="essb_network_name">Share</span></a></li><li class="essb_item essb_link_twitter nolightbox essb_link_twitter_x essb_link_svg_icon"> <a href="https://x.com/intent/post?text=A%20Business%20Owner%27s%20Guide%20to%20the%20True%20Cost%20of%20Workplace%20Injuries&;url=https%3A%2F%2Fwww.explosion.com%2F137470%2Fa-business-owners-guide-to-the-true-cost-of-workplace-injuries%2F" title="Share on Tweet" onclick="essb.window(&#39;https://x.com/intent/post?text=A%20Business%20Owner%27s%20Guide%20to%20the%20True%20Cost%20of%20Workplace%20Injuries&;url=https%3A%2F%2Fwww.explosion.com%2F137470%2Fa-business-owners-guide-to-the-true-cost-of-workplace-injuries%2F&#39;,&#39;twitter&#39;,&#39;1991029661&#39;); return false;" target="_blank" rel="nofollow" class="nolightbox essb-s-bg-twitter essb-s-c-light essb-s-ch-light essb-s-bgh-dark essb-s-bg-network" ><span class="essb_icon essb_icon_twitter_x"><svg class="essb-svg-icon essb-svg-icon-twitter_x" aria-hidden="true" role="img" focusable="false" viewBox="0 0 24 24"><path d="M18.244 2.25h3.308l-7.227 8.26 8.502 11.24H16.17l-5.214-6.817L4.99 21.75H1.68l7.73-8.835L1.254 2.25H8.08l4.713 6.231zm-1.161 17.52h1.833L7.084 4.126H5.117z"></path></svg></span><span class="essb_network_name">Tweet</span></a></li><li class="essb_item essb_link_pinterest nolightbox essb_link_svg_icon"> <a href="#" title="Share on Pin It" onclick="essb.pinterest_picker(&#39;1991029661&#39;); return false;" target="_blank" rel="nofollow" class="nolightbox essb-s-bg-pinterest essb-s-c-light essb-s-ch-light essb-s-bgh-dark essb-s-bg-network" ><span class="essb_icon essb_icon_pinterest"><svg class="essb-svg-icon essb-svg-icon-pinterest" aria-hidden="true" role="img" focusable="false" width="32" height="32" viewBox="0 0 32 32" xmlns="http://www.w3.org/2000/svg"><path d="M10.625 12.25c0-1.375 0.313-2.5 1.063-3.438 0.688-0.938 1.563-1.438 2.563-1.438 0.813 0 1.438 0.25 1.875 0.813s0.688 1.25 0.688 2.063c0 0.5-0.125 1.125-0.313 1.813-0.188 0.75-0.375 1.625-0.688 2.563-0.313 1-0.563 1.75-0.688 2.313-0.25 1-0.063 1.875 0.563 2.625 0.625 0.688 1.438 1.063 2.438 1.063 1.75 0 3.188-1 4.313-2.938 1.125-2 1.688-4.375 1.688-7.188 0-2.125-0.688-3.875-2.063-5.25-1.375-1.313-3.313-2-5.813-2-2.813 0-5.063 0.875-6.75 2.688-1.75 1.75-2.625 3.875-2.625 6.375 0 1.5 0.438 2.75 1.25 3.75 0.313 0.313 0.375 0.688 0.313 1.063-0.125 0.313-0.25 0.813-0.375 1.5-0.063 0.25-0.188 0.438-0.375 0.5s-0.375 0.063-0.563 0c-1.313-0.563-2.25-1.438-2.938-2.75s-1-2.813-1-4.5c0-1.125 0.188-2.188 0.563-3.313s0.875-2.188 1.625-3.188c0.75-1.063 1.688-1.938 2.688-2.75 1.063-0.813 2.313-1.438 3.875-1.938 1.5-0.438 3.125-0.688 4.813-0.688 1.813 0 3.438 0.313 4.938 0.938 1.5 0.563 2.813 1.375 3.813 2.375 1.063 1.063 1.813 2.188 2.438 3.5 0.563 1.313 0.875 2.688 0.875 4.063 0 3.75-0.938 6.875-2.875 9.313-1.938 2.5-4.375 3.688-7.375 3.688-1 0-1.938-0.188-2.813-0.688-0.875-0.438-1.5-1-1.875-1.688-0.688 2.938-1.125 4.688-1.313 5.25-0.375 1.438-1.25 3.188-2.688 5.25h-1.313c-0.25-2.563-0.188-4.688 0.188-6.375l2.438-10.313c-0.375-0.813-0.563-1.813-0.563-3.063z"></path></svg></span><span class="essb_network_name">Pin It</span></a></li><li class="essb_item essb_link_mail nolightbox essb_link_svg_icon"> <a href="#" title="Share on Email" onclick="essb_open_mailform(&#39;1991029661&#39;); return false;" target="_blank" rel="nofollow" class="nolightbox essb-s-bg-mail essb-s-c-light essb-s-ch-light essb-s-bgh-dark essb-s-bg-network" ><span class="essb_icon essb_icon_mail"><svg class="essb-svg-icon essb-svg-icon-mail" aria-hidden="true" role="img" focusable="false" width="32" height="32" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 60 60"><polygon points="60,50.234 60,9.944 39.482,30.536 " /><polygon points="0,9.941 0,50.234 20.519,30.535 " /><path d="M1.387,8.5l21.002,21.08c0.121,0.051,0.471,0.415,0.517,0.519l5.941,5.963c0.635,0.591,1.672,0.59,2.333-0.025l5.911-5.933c0.046-0.105,0.4-0.473,0.522-0.524L58.615,8.5H1.387z" /><path d="M38.07,31.954l-5.5,5.52c-0.73,0.68-1.657,1.019-2.58,1.019c-0.914,0-1.823-0.332-2.533-0.993l-5.526-5.546L1.569,51.5h56.862L38.07,31.954z" /></svg></span><span class="essb_network_name">Email</span></a></li></ul></div>
0 Comments