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
- Insured and
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.