A recent report from the Health & Safety Executive (HSE) estimates the cost of accidents at work in British businesses on the British economy. However, it goes further than simply stating a headline figure, it identifies which parties are incurring these costs, the extent to which these are financial or human costs and how costs are attributed to workplace accidents and injuries of differing severities.
The Executive estimates that the cost to the economy of workplace accents, and the injuries that are sustained by workers as a result, as being in the region of £5.6 billion. For the purposes of clarity that is £5.6 billion each and every year. HSE estimate that each year there are 622,000 reported accidents at work. Of these, in the average tear 151 workplace accidents will lead to a fatality. In 169,000 cases workers end up taking seven or more days off work. In a further 453,000 cases workers will take six or less days off work. The result is an estimated 4.7 million working days being lost (based on figures for the year 2013/14).
The total cost of £5.6 billion to the British economy, fatal accidents account for £0.2bn, accidents and injuries leading to six or less days off work cost £0.4bn and those resulting in seven days or more costing the economy £5bn.
HSE identifies these costs as being born by employers, the state and the individuals involved the accident and left injured. Costs born by individuals include loss of earning, administration and costs associated with healthcare. For employers, costs include loss of productivity, payment of insurance premiums and statutory/contractual sick payments. The government also includes costs associated with providing healthcare through the NHS, as well as lost tax revenues and increased welfare payments.
The average fatal accident will cost the economy an estimated £1,557,400. Of this, there is a monetised human cost of £1,113,000 born by the victim and their family, as well as actual financial costs of £204,000. For employers and the State, there is no human cost but each bears an average financial cost of £129,00 and £111,400 respectively.
In relation to accidents at work causing injuries that lead a worker to take seven or more days off, the injured person will bear a monetised human cost of £19,800, but will interestingly be an average £810 better-off as a result of receiving accident at work compensation. In comparison, employers will bear a cost of £4,800 and the government £5,700.
Injuries with the lowest average cost on the British economy are understandably those that result in workers having six or fewer days off work. In such cases workplace accidents, costs to the employer are approximately £110, the State £380 and the worker involved a direct financial cost of £40 and human cost of £380.
The report by HSE and the statistics it outlines, and which are discussed above, will provide support to the argument that, despite the wide-spread bad press, negative connotations and significant legislation impacting on their ability to operate profitably, personal injury lawyers are actually providing an important service in ensuring individuals injured in an accident at work are compensated for their losses, pain and suffering.
For more news regarding accidents at work see http://www.compensationlatest.co.uk
Here you will also find all the latest news on a number of other areas of the personal injury, medical negligence and compensation claim industries.
You can also upload your own articles onto the website in support of your own SEO activities and so as to communicate your expertise and experience.Simply visit the website and submit your content to the Editor using the e-mail address clearly supplied throughout the site.
The site offers the benefit of being purely dedicated to the latest news relevant to the industry, making it a valuable source of potential back-links to your own website and landing pages.