Thousands of serious workplace injuries happen every day in the United States. It’s something all companies should make a strong effort to guard against in regards to how they manage employees, equipment and company facilities. Not doing so can have extreme consequences. Below is an overview of the legal ramifications of workplace injuries.
- Costly Lawsuits
One of the most likely results of a workplace injury is a personal injury lawsuit. Such lawsuits are very common, and they can often result in multi-million dollar decisions for the plaintiff. Even with litigation insurance, most businesses don’t have the ability to absorb such a big loss. Many companies go out of business as a result.
- The Loss of Facilities and Equipment
If certain facilities and equipment are deemed to have been a hazard that contributed to serious workplace injuries, you may end up forfeiting your investment into those assets. According to Cohen, Placitella & Roth, P.C., New Jersey attorneys, workplace asbestos that causes mesothelioma is one of the largest sources of successful workplace lawsuits. Removing asbestos from a contaminated building can be very difficult. In certain cases, the entire structure may be condemned.
- Insurance Rate Hikes
After a workplace injury, you can expect to see many of your business insurance policies skyrocket in price. This includes workers’ compensation insurance, litigation insurance and more. You’ll be paying much higher premiums for the same kinds of coverage. The rates will be so high that keeping your insurance may become a significant financial drain on your balance sheets.
- Fines and Restrictions by OSHA
The Occupational Safety and Hazard Administration, or OSHA for short, is the agency tasked with creating rules and regulations to insure workplace safety in the United States. Following the rules put in place by OSHA is very important. Following them can insure that you have much safer workplace. Ignoring them, on the other hand, can have serious consequences especially if an employee is injured as a result. If you fail an OSHA inspection, you can expect large fines and citations that demand immediate changes from your company.
- Workers’ Compensation
Even if you aren’t sued, you will likely be forced to pay workers’ compensation after a workplace injury. This can end up being a significant expense for any company. Workers’ compensation can quickly eat up financial resources that could have been spent on developing products and services.
Overall, personal injuries have a lot of financial and legal ramifications for companies. It also has a big human cost in regards to the lives of employees. Make safety the number one priority in your company to eliminate the possibility of workplace injuries.
This article is from Lizzie Weakley, a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. She enjoys the outdoors and long walks in the park with her four-year-old husky Snowball.