But allocating portions of a budget to the unknown 'what ifs' of the world can seem difficult or even risky on paper. Industry safety falls squarely into the category of mitigating the unknown possibilities.
Business spend $170 billion a year on costs associated with occupational injuries and illnesses, according to OSHA. Obviously, dollar signs should not be the deciding factor when it comes to workplace safety, but knowing and understanding the numbers can assist in risk analysis cost scenarios.
The National Safety Council has made a strong case for investing in prevention of on-the-job injuries in order to stave off the often higher costs of dealing with the injury. An article titled “The ROI of Safety” in the NSC Congress & Expo magazine Safety + Health laid out the price tags for workplace injuries and fatalities.