One of the largest expenses for a company is the investment in proper safety equipment. So, is it worth it? The answer is yes! Is there any better investment than the investment of life? The answer is no.
The cost of safety equipment can seem daunting, so let’s take a step back and do a little cost comparison.
Cost of ladder
The average cost of a sturdy, well-made ladder is about $500. There are plenty of less-expensive ladders around, but those ladders often get damaged easily and end up causing the types of accidents we are talking about. For many, paying $500 for a ladder seems extreme, but let’s take a look at the alternative.
Cost of injury
When figuring out the cost of an injury, you have to factor in both the direct costs and indirect costs. On average an injury costs the employer about $48,000 in direct costs and $52,000 in indirect costs. The direct costs include the medical bills and paying for disability while the indirect costs include cost of training the employee’s replacement and cost of lost productivity.
While some people might get sticker shock from a $500 ladder, in reality if the ladder saves just one life, it has already saved the company the cost of the ladder and then some, about the cost of 200 more of the same ladder.
I’m guessing you already know the value of investing in quality equipment, but go ahead and use the illustration from this post if you do end up having to justify the cost of quality safety equipment.