Employers that don’t put a premium on workplace safety can suffer both financial and reputational losses, thanks to work-related injuries or illness. In 2018 alone, work-related injuries cost companies $170.8 billion, broken down as follows:
wage and productivity losses of $52.4 billion
medical expenses of $35.0 billion
administrative expenses of $57.6 billion
employers’ uninsured costs of $12.8 billion
damage to motor vehicles in work-related injuries of $4.9 billion
fire losses of $8.2 billion
Those figures alone ought to serve as strong enough impetus for any organization to commit to its safety goals. Safety inspections and the subsequent implementation of corrective measures are vital to meeting those objectives.
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