A tool exists that enables businesses to estimate the financial impact of workplace injuries and illnesses reportable to the Occupational Safety and Health Administration (OSHA). This resource typically considers direct expenses, such as medical bills and workers’ compensation payments, alongside indirect costs, encompassing lost productivity, equipment damage, and administrative time.
The significance of this estimation lies in its capacity to demonstrate the return on investment for safety improvements and preventive measures. Historically, organizations have sometimes underestimated the full financial burden of workplace incidents. By quantifying both the obvious and less apparent expenses, these estimators can justify the allocation of resources to enhance safety protocols and training programs, ultimately fostering a safer work environment.
