The True Costs Of Accidents At Work
‘For every £ 1.00 retrieved by insured costs, £ 5.00 to £ 50.00 are lost in uninsured (hidden) costs’ (HSE)
Obvious Costs ... (all insured)
- Property damage
- Medical bills
- Compensation
Hidden Costs... (all uninsured!)
- Lost productivity
- Loss of earnings
- Cost of new/temporary staff
- Investigation costs
- Loss of worker morale
- Loss of skilled workforce
- Legal costs
- Fines and penalties
- Loss of reputation
- Loss of current clients
- Loss of future clients
- Ill-health, anxiety, depression
- Increased insurance premiums
- Loss of insurance!
- Loss of Directorship
- Imprisonment
- Loss of family life
- Total business failure
…and the above doesn't even include what’s happened to the accidents victim.
Some of the above happens to some companies every year
Occasionally, all of the above happens
In this day and age in the 21st century we simply cannot afford to get it wrong.