Injuries can be a devastating financial burden to construction businesses. Liberty Mutual Insurance’s 2018 Workplace Safety Index reports that direct costs (medical and wage replacement expenses handled by workers’ compensation insurance) of injuries related to falls tally to $5.85 billion per year. That’s more than $100 million a week.
What’s more, indirect costs — the expenses for which employers are responsible — can be even higher than direct costs. According to OSHA, some of the indirect costs of a jobsite injury are:
- Wages paid to injured employee not covered by workers’ compensation insurance
- Wage costs related to time lost through work stoppage
- Overtime incurred as existing workforce fills the void
- Time spent by administrators, supervisors, safety personnel, and many others who must handle the claim
- Hiring and training a replacement worker
- Lost productivity related to work rescheduling, new employee learning curves, and accommodating the injured employee
- Cost to clean, repair and replace equipment damaged by the accident
The Cost of a Jobsite Injury Claim
An insurance broker by the name of Cavignac & Associates conducted research to find out the true cost of a claim. According to their analysis, a fracture can cost employers as much as $55,000 in indirect costs. But that’s just the start. A company’s workers’ compensation insurance premium will inevitably increase due to the accident, going up by an estimated $24,000 per year.
When indirect costs and three years of additional premiums are tallied up, a single injury can cost an employer a staggering $127,000. Now imagine this company has a 10-percent profit margin. They will need to generate an additional $1.27 million in revenue to cover the costs of one accident.
Ladders Result in Injuries
Though typically thought of as a safe solution for construction sites, ladders are among the most hazardous equipment used by construction workers. Since 2004, 43 percent of injuries and fatalities involved a ladder. Approximately 300 deaths and 130,000 injuries involving ladders occur annually. It’s not hard for contractors to protect workers and the financial consequences for their business.
Scissor Lifts are Better for Construction Safety
The right equipment, safety training, and communication can help employers reduce the risk of injury from falls. Equipment has a major impact on jobsite safety. Safer alternatives to ladders, like scissor lifts, can virtually eliminate the risk of falls on construction projects. Low-level lifts, such as the HB-1430 from Hy-Brid Lifts, can provide comfortable working heights of up to 20 feet while nearly eliminating the risk of a fall.
Ample space to carry tools and materials and a railing-enclosed platform make Hy-Brid lifts the preferred solution for work-at-height job sites. And at a fraction of the cost of one workers’ compensation claim, the decision to invest in a scissor lift is a no-brainer.
To learn more about Hy-Brid’s safe and efficient low-level lifts, contact a Hy-Brid Lift expert or locate your local dealer.