While big-ticket and dramatic workers' comp claims make headlines, the reality is that the more run-of-the-mill injuries are the ones that end up costing employers the most.
That is especially true for slips, trips and falls and related injuries, which can often turn out to be the most expensive workers' compensation claim an employer experiences.
Slip, trip and fall claims account for nearly one-quarter of all workers' comp claims and some 300,000 workplace injuries every year, according to the National Council on Compensation Insurance. Slips, trips and falls also account for nearly 1,000 workplace deaths annually.
While the average cost of a slip, trip and fall claim was $47,516 in 2018, according to the most recent statistics available from the National Safety Council, there are a number of hidden costs to employers as well.
These include lost productivity, the cost of additional overtime for workers that cover for their injured colleague, and hiring and training a replacement for when the worker is mending. Also, the cost of one claim can send your company's X-Mod higher.
With these grim statistics in mind, it should be a priority for your company to do all it can to minimize these expensive and easily avoidable claims.
High-risk areas for slips, trips and falls include:
To minimize the likelihood of a slip, trip or fall in your workplace, follow these important tips:
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In February 2020, The Friedman Group joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.