The answer to the pressing question: “How much does a job site accident cost?”
Whether you’re a project owner, a contractor, or a subcontractor, you’ve probably seen costs add up quickly after someone gets injured on the job. The medical bills alone can be staggering, but that’s just the tip of the iceberg. How much does a job site accident cost? Let’s take a closer look at expenses you need to factor in.
To start, of course, there’s the care for the injured individual. This will likely mean immediate medical attention, and could also entail ongoing rehabilitative care (and ongoing cost associated with it). The wages the employee will lose while unable to work also need to be considered. Fortunately, workers’ compensation should cover most of these expenses.
The costs of a workplace accident don’t stop there, though. You need to consider the cost of repairing equipment that may have been damaged during the accident. Additionally, you’ll have to assume the cost of finding and training a temporary worker to replace your injured employee, factoring in that this unseasoned temp will likely get less done that your experienced employee. Add in the lowered productivity due to lowered morale after a workplace injury, and you need to plan for longer project completion times. That, in turn, means greater labor costs.
What’s more, you need to be prepared to put time and money into investigating the accident and reporting it to your insurer.
The good news is that you can take steps to ensure you shrink your risk of facing these costs. Put a strong safety program in place at all of your job sites, and contact Nahai Insurance Services to learn more about how you can insure these risks. Protect your business against direct and indirect expense so you never have to ask, “How much does a job site accident cost?”