While workers’ compensation claims may cost employers $1 billion per week, the indirect costs of these claims may be as much as 20 higher.

The cost of workers’ compensation payouts and employee injuries may cost American employers as much as $1 billion every week, according to a recent report published by BOLT Insurance. This report not only focused on totaling the direct and indirect costs that U.S. employers absorb due to workplace injuries, but it took a critical look at the specific causes of these reported workplace injuries.

Study’s Findings

The following are the reported findings of this in-depth study:

• The direct costs that American employers pay for workplace injuries (i.e., the costs of medical treatment and lost wages) are approximately $1 billion per week.
• The indirect cost of workplace injuries – which can include the costs associated with training new employees, investigating the causes of workplace accidents, etc. – can be as much as 20 times higher than employers’ direct costs associated with workplace injuries.
• The industries that reportedly had the most workers’ compensation claims included:
  • The air travel industry, which was associated with about 7.3 percent of workers’ compensation claims
  • The beverage and tobacco manufacturing industry, which was associated with nearly 7 percent of workers’ compensation claims
  • The mail and package delivery industry, which was associated with approximately 6.6 percent of workers’ compensation claims
• The top reported causes of serious injuries that disabled workers included:
  • Overexertion and falls (These injuries reportedly account for more than 50 percent of all nonfatal workers’ compensation claims.)
  • Bodily reaction to a chemical or other substance
  • Motor vehicle accidents
  • Being caught in or compressed by workplace machinery
  • Being struck by or against an object
  • Repetitive stress injuries
  • Workplace violence and assaults.
• While the incidence of repetitive stress injuries (and related workers’ compensation claims) has decreased over the past year, the occurrence of falling accidents and injuries in the workplace has reported increased by more than 30 percent.

Colorado Workers’ Compensation Lawyers 

If you have sustained a workplace injury and are considering (or in the process of) filing a workers’ compensation claim, you cannot rely upon your employer or insurance companies to look out for your best interests. In fact, both your employer and insurance companies will be more focused on their own bottom lines instead of your current and future wellbeing. This can make the system adversarial for injured workers and potentially even put them in situations in which their legitimate workers’ compensation claims are undercut or even flat-out denied.

In such cases, it’s essential that injured workers contact the Colorado workers’ compensation lawyers at the Law Office of Michael P. Dominick. Our legal professionals are experienced at going up against corporate lawyers and insurance companies, and we have a proven track record of success when it comes to securing our Clients the maximum possible compensation for their injuries and financial losses. Injured workers can count on us in their time of need.

For a thorough evaluation of your case, along with expert advice on the best manner in which to move forward, call us at (303) 447-2644.