When companies and local governments consider and calculate the costs associated with accidents and injuries, it’s important to include both direct and indirect costs. Indirect costs may include:
- Higher insurance premiums
- Time spent investigating the incident
- Time spent communicating lessons learned
- Cost of screening/hiring/training a new worker replacing the injured employee
Several studies suggest indirect costs are 2-5 times higher than direct costs. Of course, the human suffering associated with severe accidents or fatalities can’t be quantified, and should not be ignored.
The bottom line: Accident and injury prevention needs to be a top priority for everyone!
*Article courtesy of NSWMA/WASTEC