Workplace accidents that result in serious injury are costly to every employer. Obtaining insurance is one of the most effective ways to pay an injured worker’s bills and avoid being taken to court. Before an accident occurs at work, an employer in Florida must know the average costs of preventable accidents and injuries.
The costs of accidents
In 2019, workplace injuries cost employers $171.0 billion. The wage losses totaled $53.9 billion, not including medical bills, transportation expenses and other fees. The average cost for worker is $1,100 and $42,000 per injury, according to the National Safety Council (NSC). This organization provides annual estimates for fatal or nonfatal work injuries that are costly and preventable.
According to Liberty Mutual’s 2021 Workplace Safety Index, in 2018, employers spent nearly $1 billion a week to fix the damages caused by serious injuries. Most injuries result in workers’ compensation being paid to injured workers and their families.
Why insurance is necessary
Workers’ comp insurance is mandatory in most U.S. states. Being insured is necessary for a business owner to avoid having to withdraw tens of thousands of dollars from a company’s savings account. This action could set a business back by one or two years of progress.
Is coverage worth it?
Workplace injuries vary from slips and falls to machine amputations, but in any case, the medical bills and lost wages are very high. The average employer cannot cover the expenses of every injured worker, so obtaining workers’ compensation is the first step to take when running a business. In most states, employers are required to obtain this type of insurance that protects both employers and their workers.