The Business 'Triangle' - financing the uninsured loss of a workplace accident
All accidents have financial costs associated with them, broken down into two main categories
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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