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Not only is a motto of “Safety First!” ideal in preventing injuries or accidents in an industrial setting, it is also beneficial for reducing the costs associated with injuries and accidents, leading to a more financially stable company.
Overall, it has been estimated work-related injuries costs between $40-$45 billion last year, with at least $1 billion being paid for medical bills and compensation per week. Of this $45 billion, at least 26 percent ($13.4 billion) of this money was used to treat injuries resulting from “Overexertion.” This information is based on the “2005 Liberty Mutual Workplace Safety Index Findings.” Other statistics revealed:
· $6.9 billion to treat employee injuries due to “Falling On The Same Level.”
· $4.6 billion to treat employees “Struck By An Object”
· $3.0 billion went towards injuries due to “Repetitive Motions”
· $2.0 billion was paid to treat injuries resulted from employees “Caught In Compressed Equipment.”
Therefore, the staggering costs of injuries and illnesses in an occupational setting emphasize the importance of being safe and preventing accidents.