Do you know how much on-the-job injuries are really costing you?
It's probably a lot more than you think. Find out with our 2-minute workers' comp savings calculator.
Workers' compensation costs have continued to increase year-over-year since 1998. In fact, the average lost-time injury is now over $29,000. And the more injuries you have, the higher your costs. Whether you're self-insured or covered by a commercial carrier, understanding the true cost of your workplace injuries is the first step toward reducing them.
Injury costs come in two varieties: direct and indirect. Taken together, they represent the true cost of on the job injuries.
- Direct costs include workers’ compensation payments, medical expenses and legal fees. Direct costs will vary, depending on the nature of your workers' compensation insurance policy.
- Indirect costs are all the other ‘hidden’ expenses, including lost time, lost productivity, lowered morale & increase absenteeism and reduced customer satisfaction.
Remember, while direct costs may vary, you’ll always bear the indirect costs. And they add up fast: according to OSHA, indirect costs can run as high as 3-4x the direct costs.
To calculate your total on-the-job injury expenses, including both direct and indirect expenses, enter your total annual workers’ comp costs and your company’s net profit margin, then click 'Calculate". That's it.
You'll receive an instant summary of the true cost of your total annual workplace injury expenses, plus the amount of additional sales you must generate to pay those bills.