The New Year is right around the corner, motivating business owners and operators to assess the budget and calculate anticipated expenses for 2017. However, many companies fail to factor in the costs of workplace accidents. Worst case scenario, your business is at risk of closing if ample funds aren’t available to pay lawsuits, workers’ compensation and hospital dues.
Businesses in the United States spend $170 billion per year on workplace injury and illness costs, per the American Industrial Hygiene Association (AIHA). The Occupational Safety and Health Administration (OSHA) states that lost productivity due to accident alone costs $50 billion annually.¹
To help businesses budget for the costs of workplace accidents, consider the 10 most frequently cited OSHA violations² of 2015:
- Fall protection – construction
- Hazard communication standard – general industry
- Scaffolding – construction
- Respiratory protection – general industry
- Hazardous energy control – general industry
- Powered industrial trucks – general industry
- Ladder safety – construction
- Electrical wiring component and equipment – general industry
- Machinery and guarding – general requirements
- Electrical systems design – general industry
The exact costs of workplace accidents are difficult to foresee. Thus, businesses without proper safety protocols often find themselves struggling to offset their workers’ injuries and illnesses. Accounting tools such as OSHA’s $afety Pays program help companies estimate workplace accident costs based on profit margins, average overheads and sales needed to counterbalance accident costs. But, your best protection is prevention and safety standards.
In 2015, the leading second leading cause of injury and illness among all industries, behind overexertion, was falls, slips and trips. Falls accounted for 27 percent of all workplace injuries last year.³ Because slip and fall accidents contribute to many workplace injury cases, using floor safety tactics, such as commerical floor mats, helps minimize the costs of workplace accidents.
At Eagle Mat and Floor Products, we take business safety seriously. To best outfit your workspace with property safety materials, we invite you to call our floor specialists at 877-333-1018. From entryway mats that absorb moisture to runners that add necessary traction, our commercial floor mats reduce slip-and-fall hazards while protecting your business against the high costs of workplace accidents.
¹ http://www.asse.org/professionalaffairs/career-res/impact-of-accident-costs-on-businesses/
