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The High Cost of Work Injuries

Posted By Administration, Tuesday, May 15, 2018

Liberty Mutual’s Liberty Mutual Workplace Safety Index is out. The number of serious injuries and illnesses have fallen 1.5%. However, the cost of treating those injuries and illnesses jumped — in medical costs and lost wages — by 2.9%.

Here are the top causes and costs:

 

Overexertion

  Rose 23.4% and costs increased $13.7 billion

Falls on same level

  Jumped 19.2% and the cost rose to $11.2 billion

Falls to lower level

  Are up 10% and the cost is $5.9 billion

Struck by object or equipment

  Is up 9.1% and the cost is $5.3 billion

Other exertions or bodily reactions

  Rose 7.2% the cost is $4.2 billion

Roadway incidents involving motor vehicles

  Increased 5.5% and cost $3.2 billion

Slip or trip without fall

  Is up 3.9% and the cost is $2.3 billion

Caught in or compressed by equipment or objects

  Rose 3.6% and the cost is $2.1 billion

Struck against object or equipment

  Jumped 3.5% and cost $2.0 billion

Repetitive motions involving microtasks

  Up 2.6% and the cost is $1.5 billion

 

Liberty Mutual’s James Merendino said the survey helps employers, risk managers and safety professionals improve workplace safety. It does it by highlighting its financial impact and focusing resources on the leading causes of serious work-related injuries and illnesses.

“While over-exertion continues to be the leading cause of serious workplace injuries, falls account for a growing proportion of losses. To effectively improve safety, each employer needs to understand the root causes of the most serious workplace injuries they experience, and the ways to effectively mitigate these through training, equipment and work design. Insurance companies, brokers and agents can be a key resource to employers in these efforts,” he said.

Statistics come from the U.S. Bureau of Labor Statistics (BLS) and the National Academy of Social Insurance. Liberty Mutual and BLS injury data. The data is analyzed to determine which events caused employees to miss six or more days of work. The Index then ranks those events by total workers compensation costs, which include medical and lost-wage payments.

Each Index is based on data three years prior. Accordingly, the 2018 Index reflects 2015 data.

 

Source links: Insurance Journal, Insurance Business America

Tags:  Insurance Content  Insurance Industry  Insurance News  The High Cost of Work Injuries  Weekly Industry News 

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