Why Health and Safety is Important to Save Money

Health and safety is important, yes, but it can be expensive. Training, equipment, PPE, insurance, and administration all add up, and in today’s economy, businesses often feel the loss of every penny.  

Want to know what costs more money? Failing to provide for and protect your workers adequately.   

According to HSE figures, accidents involving health and safety cost the UK economy an estimated £15 billion annually, resulting in a loss of employment of about 28,200,000 days. 

Each year: 

• Millions of working days are lost due to work-related illness and injury. 
• Thousands of people die from occupational diseases. 
• Around a million workers self-report suffering from a work-related illness. 
• Several hundred thousand workers are injured at work. 
• A worker is fatally injured almost every working day. 

Companies often view health and safety regulations as a necessary evil that requires them to invest money with no guarantee of return. Nevertheless, health and safety is important and can help your business become a profit centre, as evidenced by the cost of workplace accidents and the possible return on investment in accident prevention. 

The expenses of accidents that are not covered by insurance, such as sick pay, production delays, or repairs to plant or equipment, can be decreased by maintaining a high standard of health and safety at work. Uninsured expenses must be covered out of your company’s profits, even though they may be higher than insured expenses. 

Most firms now place a high priority on workplace safety, and with good reason. The advantages of working in a safe environment for the employee are evident, as occupational or workplace accidents can permanently impact the employee’s quality of life. Effective safety management can be viewed as an investment by the employer in order to boost output and lower the risk of accidents and injuries. In addition to fostering a positive work atmosphere that inspires employees, having a strong safety culture helps businesses save money by minimising avoidable expenses. 

For help ensuring your company is saving when it comes to health and safety, give us a call here at Ardent Safety.