Purchasing quality safety equipment is one of the largest expenses for companies. You may be asking “Is it worth it?” The question we ask is “How much is a life worth?” If the equipment you’re buying saves just one life, the value far outweighs the cost.
Let’s do a cost-comparison to show the value of proper equipment.
On average, a well-made ladder costs around $500. There are less-expensive options, but those ladders often get damaged easily and often end up causing accidents. Paying $500 for a ladder may seem like a waste of money, but let’s take a look at the alternative.
Cost of injury
The cost of an injury is determined by direct costs and indirect costs. An injury costs the employer about $48,000 in direct costs and $52,000 in indirect costs on average. The direct costs include the medical bills and disability. Indirect costs include of training the employee’s replacement and lost productivity
While $500 may seem a high price for a ladder, the cost will be well worth it if the ladder prevents just one accident. If the ladder saves just one life, the cost is well worth it. By helping to prevent an accident the $500 dollar ladder save the company about 200 times its cost.