The True Cost of Workplace Accidents

June 17, 2013 at 9:47 AMRing Power

When someone you work with has an accident, everyone pays. But money is only one of the costs. Here are some of the others:

Lost Business

The more accidents you have, the less productive your company can be and, therefore, less able to compete with other more efficient, safety-minded companies. If they take away enough business, you might not get the raise you hoped for, or worse – your company may have to reduce its workforce. 

 

Reduced Budget

Your company's workers’ compensation insurance premiums depend on how often employees make claims. The more accidents you have, the higher the cost of insurance and the less you have available for other budgeted items, such as tooling, facilities, benefits – and paychecks. 

Lost Income

Consider what can happen after a fire. Even if the entire workforce avoids serious injury, many companies that suffer serious fires never open again. That means employees lose their jobs. If they can’t find other work, they can’t pay their mortgages or other bills and everyone in their families suffers.

Personal Setbacks

Carelessness on the job can lead to two kinds of pain. The physical pain after losing a hand, an eye or good health can be terrible. The emotional pain following the death of a spouse or parent or the amputation of a limb is equally terrible, but in a different way. Losing your ability to earn a living may set your family back for years as savings go up in smoke. Instead of college, the kids may have to get jobs to help out. Instead of the home you've dreamed of owning, years more of renting. Even if an accident isn't very serious, it can hurt your hopes and dreams.

The Buck Stops With You!

Fortunately, many accidents can be avoided by simply taking extra time and care, by wearing and using the right equipment and by following safe practices. There is no reason to pay the high costs of workplace accidents.

Ring Power® offers comprehensive Safety and Operator Training programs. Safety is often viewed as an expense with little return on investment. In actuality, safety focused companies enjoy extreme savings and a market advantage over their competition. Well-managed safety programs are key catalysts driving your organization to exceed typical safety success factors. Safety awareness training coupled with owning and operating Caterpillar® equipment builds your road to achievement. For more information on Ring Power's Safety programs, contact Ring Power's Safety department today. 

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