When having a workplace injury, the number one concern for any company is the worker themselves. With that being said, the cold hard truth is that a workplace injury can cost a company more than most people think. Every year injury costs can add up in a hurry affect the profits and sometimes can put a company into bankruptcy. How many companies actually keep track of indirect/directs costs associated with injuries throughout the year?
Do you know how much a First Aid (FA) on average can cost?
- The average cost of a first aid is around $2,000.00
Do you know how much a Medical Injury (MI) on average can cost?
- The average Medical Aid costs is around $20,000.00
Do you know how much a Lost Time Injury (LTI) on average can cost?
- The average Lost Time Injury cost is around $120,000.00
So you might be wondering what contributes to the costs of these injuries? Well below we have a breakdown what contributes to the cost of a First Aid, Medical Injury or Lost Time Injury?
First Aid:
- Incident Notification
- Investigation time – Man Hours (includes getting statements, taking photos, interviews, reviewing documentation like pre- trips, FLRA/FLHA’s, doing the incident report)
- Drug and Alcohol tests (depending on the severity)
- Training
- Modified work for a day or two (lost productivity, depending on the severity)
- Prime care costs
- WCB costs (premium increase)
Medical Injuries:
- Incident notification
- Investigation time – Man Hours (includes getting statements, taking photos, interviews, reviewing documentation like pre- trips, FLRA/FLHA’s, doing the incident report)
- Post incident meetings (VP’s, GM’s, Managers, Supervisors and workers)
- Drug and Alcohol test(s)
- Modified work hours
- Training
- Hours spent at hospital (Supervisor and Worker)
- Ambulance costs (depending on severity)
- Prime care costs
- WCTL (Workers Comp Tech Limited) costs (Deal with WCB on behalf of Lafarge, contact worker, communicate with physio)
- WCB costs (premiums, Physio therapy(depending on severity)
Lost Time Injuries:
- Incident notification
- Investigation time – Man Hours (includes getting statements, taking photos, interviews, reviewing documentation like pre- trips, FLRA/FLHA’s, doing the incident report)
- Post incident meetings (VP’s, GM’s, Managers, Supervisors and workers)
- Drug and Alcohol test(s)
- Modified work hours
- Training
- New hire costs (training, wages, Drug and Alcohol testing, Fit for duty testing)
- Hours spent at hospital (Supervisor and Worker)
- Ambulance costs (depending on severity)
- WCTL and Primecare costs
- WCB Costs (premiums, wage for worker, Physio therapy, re-training)
Investment in safety is a win / win! Take the time to do things right. Cutting corners may seem like a good idea occasionally to “get things done”, but eventually it will catch up to you.