Workplace Injuries Cost $62 Billion Per Year, Liberty Mutual Says
Liberty Mutual has published the 2016 Liberty Mutual Workplace Safety Index. According to the index, workplace injuries and incidents that cause workers to miss 6 or more days of work cost U.S. employers almost $62 billion in 2013. The 10 most disabling work-related injuries account for more than $51 billion, or 82.5% of the total cost.
Published each of the past 12 years, the index identifies the leading causes of the most serious workplace incidents and injuries, based on the latest statistically valid data. The findings help employers understand the financial impact of workplace incidents and improve workplace safety to better protect employees and the organization’s financial health.
Workplace incidents not only affect workers’ physical, emotional and financial well-being, they also financially burden employers who pay the medical costs related to a workplace injury, along with some portion of the injured employee’s pay, says Liberty Mutual’s Debbie Michel. “Besides these direct costs,” she says, “workplace injuries also produce such indirect costs for employers as hiring temporary employees, lost productivity, quality disruptions and damage to a company’s employee engagement and external reputation.”
Ian Noy, Director of Liberty Mutual Research Institute for Safety, says the index provides companies a key tool for benchmarking safety performance, as well as for focusing resources and efforts on the areas of greatest concern.