When someone uses the word ‘cost,’ you immediately think about monetary value. Cost is generally directly linked to financial worth of something, and so it is often used in those contexts. However, when it comes to the cost of illness and injuries resulting from accidents or incidents in the workplace, the word takes on a far deeper and more significant meaning.
As well as the financial losses faced by both employers and employees, there is also the emotional cost in terms of suffering and grief. This comes alongside the loss of confidence, safety reviews, investigations, and other time consuming but wholly necessary safety measures.
There is, of course, a substantial financial impact of injuries at work, and it is a good place to start when assessing cost. The monetary costs of injuries can be separated between three distinct groups: the individual, the employer and the government.