The Unseen Price of Slip and Falls - Estimating Indirect Costs
Each year, employers pay almost $1 billion per week to cover the direct costs of workplace accidents1.
When it comes to lost-time workers’ compensation claims, slip and falls are the third most expensive injury ($48,575)2.
But direct costs aren’t the only costs your company must absorb.
What are the direct costs of a workplace injury?
Direct costs are easy to measure and directly attributable to an injury. In many cases, direct costs are covered by insurance policies.
They include:
• Workers’ compensation
• Medical expenses
• Legal fees
• Indemnity payments
What are the indirect costs of a workplace injury?
Indirect costs are tough to quantify, unbudgeted, and uninsurable.
They include:
• Wage costs related to time loss from work disruptions
• Lost productivity
• Time spent recruiting and training replacement employees
How do you estimate indirect costs?
The magnitude of indirect costs is inversely related to the seriousness of the injury3.
To determine your indirect costs, multiply your direct costs by the indirect cost ratio.
What if you could reduce your employee’s slip and falls by up to 80%?
That’s the promise of a safety footwear program. We partner with companies by providing slip-resistant, protective footwear to at-risk employees and manage their programs for them. Considering the direct and indirect costs of a workplace injury, it isn’t hard to see why over 150,000+ companies have partnered with Shoes For Crews.
Learn more about our Corporate Safety Shoe Program.
1 https://www.osha.gov/businesscase/costs
2 https://injuryfacts.nsc.org/work/costs/workers-compensation-costs/
3 https://www.osha.gov/safetypays/background