We at Bulwark Safety Systems feel that performing Machine Risk Assessments adds to your bottom line, but don’t take our word for it, check out OSHA’s “Estimated Costs of Occupational Injuries and Illnesses and Estimated Impact on a Company’s Profitability Worksheet”.
With this tool you can select an injury type and you will be given an estimate of the direct and indirect costs associated with an instance of that injury. They go a step further though, by having you plug in your profit margin, so that you can then see the sales needed to cover the cost of an injury.
As an example, consider an employee getting entangled in an unguarded drill press:
Injury – Fracture
Estimated Direct Cost – $50,778
Estimated Indirect Cost – $55,855
If we use 8% as the company’s profit margin, the total sales needed to recover from this accident is estimated by OSHA to be $1,332,912. Can your company afford that? This makes the cost of a risk assessment and a simple guard seem pretty small doesn’t it? For a Machine Risk Assessment or further information e-mail us at [email protected] or call us directly at 360-910-0181.