Liberty Mutual’s latest Workplace Safety Index has found that workplace injuries and accidents cost US employers nearly $60 billion over one year.
Citing the most recent injury data from the US Bureau of Labor Statistics, which was for the year 2014, Liberty Mutual found that US companies spent $59.9 billion on workplace injury costs.
The insurer’s report also found that the 10 leading causes of the most disabling work-related injuries account for $49.9 billion, or 83.4% of the total cost of $59.9 billion. The top three causes are overexertion ($13.8 billion, 23%), falls on same level (10.6 billion, 17.7 %), and falls to lower level ($5.5 billion, 9.2%).
“Each year, we rank the top 10 causes of the most serious, nonfatal workplace injuries by their direct costs to help companies better protect employees and the bottom-line,” said Liberty Mutual EVP of national casualty insurance and middle market Debbie Michel.
“Workplace injuries impact both employees and employers. Injured employees face potential physical, emotional and financial harm. Employers face the direct costs of workplace injuries – medical care related to the accident and some portion of an injured employee’s pay – and the indirect costs, including hiring temporary employees, lost productivity, and quality disruptions.”
Other key findings of the report include:
- The total cost of all disabling workplace injuries fell to $59.9 billion in 2017, from $61.9 billion in 2016
- The share of the top 10 causes of serious workplace accidents in the cost of all disabling workplace accidents grew in 2017 to 83.4%, from 82.5% in 2016
- Falls on same level and roadway incidents continued to trend upward, and overexertion decreased substantially.
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