Cost of Accidents
Immediate cost takes into account the loss of work, damages to equipment and facilities which have to repaired and restored or replaced, expenses on medical treatment and support.
Rehabilitation and Restoration Cost
The personnel influenced by accidents may need prolonged medical treatment, hospitalization, physiotherapy, psychiatric support and moral boosting. The cost is incurred for every.
Cost of Accident Prevention
New safeguards either in terms of protecting equipment, safety devices, safety training and supervision may have to be added to previously existing facilities. It may also become necessary to initiate study for safety regarding machinery, materials and equipment. The company might incur cost for extra work, employing new personnel or hiring outside agency for such type of study.