A single workplace musculoskeletal injury can cost a company between $18,000 and $60,000, according to Mike Kim, CTO and co-founder of StrongArm Technologies, a safety data solution provider.
Musculoskeletal disorders (MSDs) affect muscles, tendons, blood vessels, nerves, ligaments, discs, etc. Aside from the compensation costs paid to injured workers, a company can also incur indirect costs, including lost productivity, the cost of replacing affected employees, and the price tag that comes with training their replacements.
“Because of these indirect factors, OSHA believes the cost might be doubled,” said Kim, speaking during a recent Intelex EHSQ community webinar. “Then we’re looking at $36,000 to $120,000 for one injury. And that’s not to mention the personal toll it takes on the workers and their families, and their livelihood.”