Our partner, Liberty Mutual Insurance, has released their latest Workplace Safety Index (WSI). Their research shows that workplace accidents cost U.S. employers about $58.8 billion dollars each year.
The findings show that the top ten causes of injuries account for 86% of those costs, or $50.87 billion.
Even as the rate of serious workplace accidents fell by about 40% over the 25 years represented by the Index, the total cost of workers compensation benefits increased by 30%, according to data from the Bureau of Labor Statistics and National Academy of Social Insurance.
Overexertion involving outside sources remains the top cause, accounting for $13.7 billion in costs, largely due to manual material handling. This has held true for 25 years.
Falls on the same level is the second leading cause, with $10.5 billion in costs, emphasizing the need for slip, trip, and fall prevention strategies, according to the Workplace Safety Index.
“Struck by object or equipment” and “falls to a lower level” also continue to be major injury drivers, together accounting for nearly $11.6 billion in costs.
Injuries due to other exertions and bodily reactions, roadway incidents, and caught-in or compressed by equipment also feature prominently in the top 10, underlining the diverse risks present in today’s workplaces.
While still making the top 10, costs associated with repetitive motion injuries from micro tasks has dipped by 44%. The report outlines safety efforts that are helping to reduce these types of injuries.
Workers being struck against object or equipment rounded out the top 10 causes of workplace injuries, totaling $1.7 billion in costs.
The report found that more than half (56%) of workplace injuries involving the back, shoulder, knee, or multiple body parts drive nearly $32.6 billion in costs.
For a deeper dive into risk exposures by industry, click on the links below:
Healthcare and Social Services
Professional and Business Services
Transportation and Warehousing
Choosing the right insurance agent is one of the most important decisions you will make. The Turner Agency, Inc. is a local Trusted Choice® independent insurance agency headquartered in Greenville, South Carolina. Serving the Upstate of South Carolina and beyond since 1962, we offer a variety of business and personal coverage choices and can customize an insurance plan to meet your specialized needs.
The information in this article was obtained from various sources, including Liberty Mutual Insurance, and is not all inclusive regarding the subject matter. This content is offered for educational purposes only.
