Did you know that for every dollar of direct expense (medical expenses and lost-time) associated with a specific workers’ comp. claim, you incur an additional $1.10 – $4.00 in hidden, uninsured, out-of-pocket costs?
Did you know that it takes $1.5 million in additional sales just to cover the costs of a run-of-the-mill type injury like a hernia or a back injury (assuming $24,000 in direct costs and 3% profit margin)?
We all know that accidents are costly, but most people don’t fully understand:
- They are MUCH more costly than most realize.
- The majority of costs aren’t insured, so they’re paid out of pocket.
- Out of pocket costs, as large as they are, tend to be “invisible”, so they are ignored or discounted, leaving only insured/direct costs, which seem minor.
Sotera Consulting partners with our clients to develop programs that go beyond simple compliance. We build health and safety management programs that are based on widely-accepted management principles. The programs reduce the likelihood of accidents, and mitigate their costs if they occur. They have a direct, significant and positive impact on your bottom line.
We work with our clients to conduct gap analysis which compares elements of the client’s current safety program to an ideal program and identifies the gaps which need to be closed in order to have an effective program. We evaluate program elements like management support, goals and objectives, safety rules and enforcement, hazard identification and control measures, accident investigations, safety training, return to work, employee participation, recognition and incentive programs, safety committees and many more. Once all the gaps have been identified, we help the client to implement simple, effective programs to close them.