The direct and indirect costs associated with workplace injuries can be massive. Business owners must worry about medical expenses, compensation payments for the injured worker, legal fees, possible OSHA penalties, and lost productivity. And even with workers’ compensation coverage, injured employees can still face numerous challenges before obtaining the financial help they need.
Read on to discover the financial consequences of a work-related injury.
Lost Productivity
A construction accident or workplace injury drastically affects a person’s finances because he loses the capability of performing his job. It can be either temporary or permanent. Thus, it becomes essential to hire lawyers who can help get the required financial and medical assistance; visit URL here for more information. The loss of productivity leads to lost wages and financial distress. Missing work for weeks or months can affect a person’s financial and professional goals for years to come. In addition, an injured employee faces unexpected costs associated with treatment and rehabilitation. Moreover, whenever an employee is absent from work, the business also experiences loss of productivity and, as a result, loss of profit. Thus, the injured employee and the employer face together the losses associated with a workplace injury.
Medical Assistance and Rehabilitation Costs
The rising costs of health care in the United States can cause major financial difficulties to many individuals and families. The total cost of treatment can range between hundreds and hundreds of thousands of dollars, depending on the severity of the injury. Statistics show that workplace injuries often require long-term hospitalization and cause temporary or permanent disability. An employee who has suffered a severe injury may need prescription drugs, medical assistance, and physical therapy for months and even years. Without financial compensation, many injured employees could never handle the crushing weight of medical bills.
Indirect Costs
Whether an employee gets injured at work, a company must expect a whole range of indirect costs. After the direct medical and legal expenses, a business must also prepare to cover the costs of hiring and training a replacement employee, for example. Other hidden business expenses may be associated with administrative obligations, accident investigation, or equipment repair. Although it’s difficult to measure the indirect costs of a workplace injury, businesses should not neglect them. To reduce or avoid these costs, business owners must implement comprehensive workplace safety strategies.
Why is Workers’ Compensation Critical?
Workers’ compensation laws help injured employees avoid devastating financial hardships. The workers’ compensation scheme ensures that a person who suffers an injury in the workplace receives benefits that cover medical expenses and lost wages. The compensation package may vary depending on state laws. To learn what types of injuries are covered in your state, contact an attorney. If you reside in California, the Cabral Law Group can provide you with the legal expertise you need. As an injured employee, getting legal assistance and representation is the only way to maximize your compensation.
Besides the impact on employee physical health and well-being, work-related injuries cause significant economic losses to both employees and businesses. Fortunately, injured employees can rely on various forms of financial assistance, such as workers’ compensation benefits. If you’re an employee, learn about your legal rights. If you’re a business owner, implement safety programs to minimize the risk of injuries in the workplace.
