The cost of accidents:
It is said, “If you think safety is to expensive, try accident”.
Accident is not part of the puzzle when we say experience is the best teacher. As far as accident is concern; experience is the worst teacher.
What makes accident more fearsome is that its consequence are always unpredictable. For instance; someone falls from a height of about 8 meters and has just a fractured toe, whereas someone else falls from about 5 meters height and break his neck.
So, you can agree with me that the consequence of accident is unpredictable.
The cost of accidents is one thing most of our employers still fails to understand. The tend to be more comfortable with the direct cost of accidents, because that is the only side they see. They believe that insurance will cover it.
But the main trouble of accident is the hidden cost.
Let me explain what hidden cost of accidents means to you as an employer and to your business:
Hidden cost of accident are indirect cost, invisible cost, uninsured cost, non-quantifiable cost. The direct cost of an accident is seen as a tip of an iceberg when compared to the hidden cost of accident. Some assessment believes that to every $1 direct cost of an accident, there is a $3 hidden cost attached.
Let me pause here to give you a highlight of indirect cost of accidents: