Sixty-two billion dollars: That’s how much U.S. companies pay each year to cover expenses associated with workplace injuries, according to the Liberty Mutual Workplace Safety Index.
It’s no secret a strong workplace safety program is critical for protecting a business’s bottom line and its image as a safe-minded, healthy place to work. Occupational safety and health programs reduce expenses related to medical care, paid time off, litigation and disaster mitigation.
The downstream petrochemical industry has experienced a steady reduction in workplace incidences over the past 10 years, according to the American Petroleum Institute. The U.S. Department of Labor reports construction has also made significant strides in safety, reducing recorded cases of occupational injuries and illness by nearly 40 percent since 2004. These safety wins are largely due to enhanced OSHA requirements and improved workplace safety programs.