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Tom Lea BScHons, GradIOSH, AIEMA

The Business 'Triangle' - financing the uninsured loss of a workplace accident

August 2014

All accidents have financial costs associated with them, broken down into two main categories

  • Insured
  • Uninsured

Employer’s liability insurance covers the cost of the injuries and loss to the person affected.

The uninsured costs range from sources such as:

  • the accident investigation and its remedial measures
  • down time
  • sick pay
  • over time
  • agency fees
  • administration costs
  • product re-working
  • fees for late delivery / shorting
  • business reputation damage and loss of potential future earnings
  • policy excesses
  • premium increases.....and the list goes on!

It’s these uninsured costs that I want to look at - where the money financing them comes from and what factors may influence those in the decision making process.

The Business Triangle

All workplace accidents result in costs - direct and indirect. It is the latter that ironically will directly affect the capacity of the business to meet shareholder expectations.

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