Toggle menu

SFC Safety Blog

Go Back

The True Cost of Slips, Trips, and Falls: How Investing in Safety Saves Companies Money

The True Cost of Slips, Trips, and Falls: How Investing in Safety Saves Companies Money:

Slips, trips, and falls - we've all had our fair share of these mishaps throughout life, but when it comes to the workplace, these accidents can cause some serious damage. They're one of the leading causes of lost days of work, and the physical injuries that result can range from broken bones to even death. But did you know that they can also lead to significant costs for companies?

Costs Add Up Fast:

The good news is that investing in safety measures can prevent these accidents and save companies a lot of money in the long run. The direct costs of slip and fall injuries alone can quickly add up, with medical bills and workers' compensation claims taking a huge chunk out of a company's budget. The National Floor Safety Institute found that compensation and medical costs for these injuries reached a whopping $70 billion in 2022.

Injuries at the Workplace Can Cost More Than Money:

But it's not just the direct costs that companies need to worry about. There are also indirect costs to consider, such as lost productivity and equipment damage. When an employee gets hurt, they may miss work for an extended period, which can cause delays in production and additional costs for the company. Plus, equipment damage can also occur during a slip or fall, leading to costly repairs or replacement.

But the costs of slip and fall injuries go far beyond just the immediate direct and indirect costs. Companies could also face legal battles and increased insurance premiums if accidents occur frequently. And if a company's reputation takes a hit due to an accident, it could lead to decreased business, revenue, and even hiring issues in the future.

Light at the End of the Tunnel:

The implementation of a safety plan can be overwhelming, but don’t worry--there is a solution! Investing in safety measures, such as Shoes For Crews® Corporate Safety Footwear Program, can significantly reduce the risk of slips, trips, and falls and help to save thousands of dollars. Implementing slip and fall safety protocols, such as slip-resistant footwear and basic safety training, can help create a positive work environment that fosters loyalty and engagement among employees.

By protecting employees from harm and avoiding the costs associated with unnecessary accidents, investing in safety measures is truly a win-win situation for everyone involved. It's an investment that you'll earn back in the savings on costs and fees, while also changing your bottom line and protecting your employees from avoidable and unnecessary accidents.

It's time to make safety a top priority in the workplace.

You’ve read the pros and cons – so if you're looking to help make your employees safer and also save fees and workman’s compensation costs associated with slip, trip, and fall injuries, get in touch with one of our Safety Footwear experts today.