The Friedman Blog

Posted on 08/12/2011, by Jeremy Edsall

Calculating the Cost of a Workers Compensation Claim on Your Business

 

OSHA has developed an interactive expert system, available on their website,
to assist employers in estimating the costs of occupational injuries and illnesses
and the impact on a company's profitability.

This system uses a company's profit margin, the AVERAGE costs of an injury
or illness, and an indirect cost multiplier to project the amount of sales a company
would need to generate in order to cover those costs. Businesses can use this
information to predict the direct and indirect impact of injuries and illnesses
and the estimated sales needed to compensate for these losses.

This Program:



  • Offers choices from a set of Lost Work Day injuries and illnesses
  • Prompts users for information to do the analysis
  • Allow users to input the actual loss figures or workers' compensation costs
  • Generate a report of the costs and the sales needed to cover those costs
Begin your analysis on the OSHA website
http://www.osha.gov/dcsp/smallbusiness/safetypays/index.html

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