January 14, 2016
Workplace injuries and accidents that cause employees to miss six or more days of work cost U.S. employers nearly $62 billion in 2013, the most recent year for which statistically valid injury data is available from the U.S. Bureau of Labor Statistics (BLS) and the National Academy of Social Insurance, according to the 2016 Liberty Mutual Workplace Safety Index.
The 10 leading causes of the most disabling work-related injuries account for more than $51 billion, or 82.5 percent of the total cost of $62 billion. The latest Liberty Mutual Workplace Safety Index can be seen at http://lmi.co/WSI2016.
“We rank the top 10 causes of the most serious, nonfatal workplace injuries by their direct costs each year to help companies improve safety, which better protects both employees and the bottom-line,” notes Debbie Michel, general manager, Liberty Mutual’s National Insurance Casualty operation. “Workplace accidents impact employees’ physical, emotional and financial wellbeing. They also financially burden employers, who pay all of the medical costs related to a workplace injury, together with some portion of an injured employee’s pay. Beside these direct costs, workplace injuries also produce such indirect costs for employers as hiring temporary employees, lost productivity, quality disruptions and damage to a company’s employee engagement and external reputation.”
Now in its 12th year, the study’s ranking of the top leading causes of the most serious workplace accidents is remarkably consistent with earlier findings.
“By highlighting the direct costs of the most serious workplace accidents, the annual Liberty Mutual Workplace Safety Index informs the national agenda on workplace safety,” notes Dr. Ian Noy, Director, Liberty Mutual Research Institute for Safety. “It also provides a key tool for individual companies to benchmark safety performance, and focus improvement efforts and resources on the most pressing areas.”
The Liberty Mutual Workplace Safety Index is compiled based on information from Liberty Mutual, the BLS and the National Academy of Social Insurance.
Liberty Mutual researchers examine BLS injury data to determine which events caused employees to miss six or more days of work, and then rank those events by total workers compensation costs.
About the Liberty Mutual Research Institute for Safety
For over 60 years the Liberty Mutual Research Institute for Safety has been conducting academic, peer-reviewed research that advances the field of safety and health. The Institute aims to determine the causes of accidents and injuries, identify appropriate interventions to help reduce the incidents of injuries and minimize disability. More information on the Institute can be seen on the Liberty Mutual Research Institute for Safety website.
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a diversified insurer with operations in 30 countries and economies around the world. The company is the third largest property and casualty insurer in the U.S. based on 2013 direct premium written as reported by the National Association of Insurance Commissioners. Liberty Mutual is ranked 78th on the Fortune 100 list of largest corporations in the U.S. based on 2014 revenue. As of December 31, 2014, the company had $124.3 billion in consolidated assets, $104.0 billion in consolidated liabilities, and $39.6 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in approximately 900 offices throughout the world, and we offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
You can learn more by visiting www.libertymutualinsurance.com