Can your Business Afford a Slip and Fall?

Can your Business Afford a Slip and Fall?

Can your Business Afford a Slip and Fall?

How often have you considered the economic factors from slip trip and fall injuries? Such costs include medical, rehabilitation, hospital costs, facility repair, insurance increases and in the worst cases, the costs of morbidity and mortality.

Is your business ready for such a windfall from an accident?

It’s not just speculation. If you research the statistics, you will quickly find that businesses experiencing issues with slips and falls, have paid tremendous amounts of money as a resulting impact. Consider the following excerpts pulled from the book “Floored!: Real-Life Stories from a Slip and Fall Expert Witness” which outlines the results of many real-life cases.

  • “The case settled for $6 million”
  • “That day the hospital settled for an undisclosed eight-figure amount”
  • “The case settled for a six-figure sum”
  • “They went out of business midway through the lawsuit and settled with their insurance company for $165,000”
  • “Prior to trial, the big box retailer offered a settlement of $5,000. The jury awarded Karen more than $600,000”
  • “Evans family received a seven-figure settlement from the city”

This is just a small sample of cases from one expert witness. Seek out more on this topic and it is apparent this list could have thousands of examples to include...with all associated annual costs of slips and falls totaling over $80 Billion according to research from the National Floor Safety Institute.

Specifically regarding workplace injury, recent data from the 2023 Liberty Mutual Workplace Safety Index annual study showed that different forms of fall related injuries represented 30% of the top 10 causes for serious disabling workplace injuries (resulting in 5 or more missed days).

  • Falls on same level - Cost per year: $8.98B
  • Falls to lower level - Cost per year: $6.09
  • Slip or trip without fall - Cost per year: $1.92B

  • What Can You Do About It?

    Practice Smart Prevention Tactics to Mitigate Economic Risk

    For risk managers tasked with overseeing safety procedures within a company, understanding the financial repercussions of inadequate safety precautions is essential. By comprehensively auditing facilities for slip, trip, and fall hazards, risk managers can proactively mitigate potential risks and safeguard the financial health of the organization. 

    But...every business is not fortunate enough to have internal Risk Management professionals on staff. For this reason, it is important for business owners to create a culture with their employees that fosters a focus on safety. Protecting employees and customers creates a more profitable business environment.

    Indirect Costs and Reputational Damage

    In addition to the direct monetary impact, accidents can result in indirect costs. These indirect costs include expenses such as increased insurance premiums to cover higher- risk operations, loss of productivity due to employee absences or decreased morale, and damage to the company’s reputation in the eyes of customers, investors, and the public.

    A tarnished brand image from an accident can have lasting consequences, affecting consumer trust and loyalty. Rebuilding a damaged reputation can be a costly and time-consuming process, impacting the company’s long-term financial performance.

    Investing in the right Facility Maintenance Products

    The products used in your facility maintenance plan have a direct impact on the risk potential created. At No Skidding, we are laser focused on providing safe, cost-effective solutions that are easy to install and maintain. Making slip trip and fall prevention easier than ever.

    Takeaways to remember for the economic impacts of Slip, Trip, and Fall Incidents

    Prioritizing safety within any organization is not just a moral obligation but a strategic financial decision. By investing in safety measures and prevention techniques, companies can significantly reduce the financial repercussions of workplace accidents and legal liabilities. Risk managers play a crucial role in overseeing these aspects and ensuring that businesses are adequately protected from the risks associated with slip, trip, and fall hazards. It is imperative for organizations to conduct thorough audits of their facilities to identify potential safety gaps and proactively address them.

    Remember, a proactive investment in safety today can save you from substantial financial losses in the future while also fostering a culture of well-being and security among employees. At No Skidding, we are here to help you on your safety journey. Have a situation you are unsure about? Contact us and we will happily help you make a safe choice!