Could your business afford to spend out thousands of pounds on accidents in the workplace? Would you ever recover from such an outlay and how would you cope if it happened again in the future? Many businesses could be facing extinction simply by ignoring the importance of health and safety in the workplace.
If you don’t want to go the way of the dinosaurs and the dodo then you need to start improving your health and safety measures now and taking action to reduce risks and hazards in your business.
It is important you understand just how much even a simple workplace accident could cost you. The aftermath could be disastrous to your business. Not only could this cost you financially but it could also damage your business reputation and put your future in jeopardy. You can see the average costs in this example case study below:
- An office worker for a small business of just 15 members of staff tripped over a loose cable and broke his arm in two places in the resulting fall.
- He was off work for 6 months on full pay following the accident.
- The costs to the business soon started to escalate. Firstly the wages paid out whilst the injured worker was off on sick leave added up to nearly £9,000.
- In addition to this a replacement worker had to be brought in to provide cover during this period of absence. This added up to just over £7,000.
- The injured worker also filed a personal injury claim. This was settled out of court and the full costs of legal fees and payout totalled over £12,000.
- The manager and members of the administration team spent many hours dealing with the aftermath of this accident, resulting in loss of production adding up to around £5,000.
- The company’s liability insurance premiums went up following this accident, now adding an additional £2,000 to annual expenses.
- So this one simple accident cost this small company £35,000 and placed a huge strain on the staff and managers.
Accidents and Business
Accidents at work could cost you dearly. Many accidents could be easily avoided though with the right health and safety measures in place. Investing in health and safety now could prevent disasters from occurring in the future. You cannot afford to just ignore health and safety and hope for the best. You may be saving money by cutting corners now, but you could be facing a big bill in the future. Don’t forget that failing to comply with health and safety laws can result in prosecution. It is just not worth the risks to save a few pennies now.
Get your health and safety sorted out by calling in the experts. With IOSH Managing Safely it has never been easier. A trained member of staff will be able to carry out a full risk assessment for your business. They will then be able to guide you through compliance with health and safety and help you prevent accidents in the future.