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Do accidents and ill health really cost me money

A health and safety briefing provided by the IET.

Minor injuries can cost more than the price of a plaster! Even relatively minor accidents can be very expensive - in terms of lost production, investigation costs, compensation claims etc.  The cost of minor accidents can add up over a year.  For example, HSE studies have shown that even without a serious accident, on-going costs can be very high:

  • In one organisation, accident costs (when all factors were included), amounted to 37% of profits.
  • In another, 8.5% of tender price.
  • In a third, 5% of running costs.

Major accidents involving death or serious injury, apart from the human suffering involved, can be immensely costly - sometimes running into 6 or 7 figure sums. They can also do enormous damage to reputations and in some cases have resulted in business “going to the wall”. Where corporate or personal failures lead to major accidents, legal action can be taken against individuals and companies for manslaughter.