Okay, so what about the cost of just one recordable injury?
OSHA’s Safety Pays Program has a calculator that can provide this exact answer and is rolled up directly into the impact on your company’s profitability per injury.
First, select the following example parameters as shown in the screenshot below showing the cost of a laceration to an employee and click ‘calculate’.
The image below shows the financial impact of the reportable injury/laceration to the imaginary company with a profit margin set at 3%.
The costs from this OSHA injury calculator are clear to see and the additional sales that must be made to make up for them are something to keep in mind if your facility is in an industry that exposes workers to hazardous environments.
Additionally, a company is liable to pay both direct and indirect costs of a reportable injury.
What are the direct and indirect types of costs for a reportable injury?
- Direct Costs of the Injury: medical treatment, medicine, therapy, and workers compensation.
- Indirect Costs of the Injury: training replacement employees, overtime, equipment loss, accident investigation, loss of productivity, and absenteeism.
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