There are a few different approaches that can be used to quantify the value of improved workplace safety: Cost-benefit analysis: This approach involves calculating the costs of implementing safety improvements (such as the cost of new equipment or training programs) and comparing them to the benefits (such as reduced workers’ compensation claims or increased productivity). […]

The indirect cost of risk is the portion of the total cost of risk (TCOR) that is not directly related to the cost of managing risks. It includes the cost of lost productivity, damage to reputation, and other indirect costs resulting from risks. The indirect cost of risk is often more difficult to quantify than […]

The total cost of risk (TCOR) is a term used to describe the overall cost associated with managing risks within an organization. It includes both the direct costs of risk management (such as premiums for insurance policies) and the indirect costs of risk (such as lost productivity due to accidents or injuries).   TCOR is […]

There are several potential downsides to having poor workplace safety: Injuries and fatalities: Poor workplace safety can lead to injuries and fatalities, which can have severe consequences for the affected employees and their families. Increased workers’ compensation costs: Poor workplace safety can lead to a higher number of workers’ compensation claims, which can result in […]