It is said, “If you think safety is too expensive, try an accident”. This is why we will be considering “Hidden Cost Of Accidents In This Article”.
Accident is not part of the puzzle when we say experience is the best teacher. As far as accident is concerned; experience is the worst teacher.
The Cost Of Accidents:
What makes an accident more fearsome is that its consequences 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 breaks his neck.
So, you can agree with me that the consequence of an accident is unpredictable.
The cost of accidents is one thing most of our employers still fail to understand. They 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 the accident is the hidden cost.
Let me explain what the hidden cost of accidents means to you as an employer and to your business:
Hidden Cost Of Accidents
The hidden costs of accidents are indirect, invisible costs, uninsured costs, and non-quantifiable costs. The direct cost of an accident is seen as the tip of the iceberg when compared to the hidden cost of an accident. Some assessment believes that for every $1 direct cost of an accident, there is a $3 hidden cost attached.
Let me pause here to give you a highlight of the indirect cost of accidents:
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