The Growing Costs of Construction Accidents: Why Prevention is Key

Companies must invest in safety protocols and procedures to ensure project outcomes.

When it comes to construction sites, safety is paramount. It protects the workers, ensures the project is completed on time, and saves on costs. Unfortunately, accidents in construction sites are all too common, and they could result in significant financial burdens. The construction industry has been paying a high price for accidents, and it’s time for companies to take action. Here’s what you need to know about it.

Accidents in The Construction Industry

It’s estimated that about two people die daily due to construction accidents in the country. So yearly, there are about 730 fatalities in the construction industry. In addition to the human cost, there’s a financial cost. It’s estimated that about $10 billion is paid out annually due to injuries and deaths in workplace accidents in the US alone. Here’s a breakdown of that cost.

Medical Costs

Accidents on construction sites can result in serious injuries, and the medical costs can be extremely high. It’s estimated that the average cost of each accident is around $42,000. Workers’ compensation insurance policies can cover some expenses but don’t always cover everything. For instance, the injured worker may need long-term care and rehabilitation or suffer from permanent disabilities that prevent them from returning to work. The costs of these services can significantly add up and can be a severe financial burden for companies.

Legal Costs

Construction accidents can also result in legal claims and lawsuits. The legal costs for lawsuits, settlements, and judgments can be incredibly high, mainly if negligence is found against the company. Companies may be required to pay not just the awarded compensation but also lawyers’ fees, court costs, and other legal expenses.

Project Delays

Accidents can happen in the blink of an eye, but they can cause significant delays to the project timeline. Depending on the accident’s severity, the construction site may need to shut down, and investigations may need to be conducted. During this downtime, workers may work overtime to catch up on lost time, adding to extra labor costs. Additionally, delays can lead to lower productivity, lost revenue, and potential contractual damages-thus eating into the profits of a construction project.

Employee Retention

Retaining a workforce is always tricky in the construction industry. Accidents can make it even harder and cause worker turnover, resulting in further expenses for recruitment and training. Additionally, if there’s an accident on site, other workers may be scared to stay or hesitant to join the project team-which becomes a bigger problem when jobs are already scarce.

Damage to Reputation

Lastly, construction accidents can also cause reputational damage. A contractor with a history of accidents and safety violations is less likely to win bids for future projects, which can negatively impact the business. Reputational damage is one of the most significant costs of construction injuries because it can impact the contractor for years to come as they struggle to rebuild the trust of potential clients.

The Importance of Preventative Measures

It’s important to have safety protocols in place to protect workers and reduce the financial burden of accidents. Here are some of them:

Invest in Cranes

Investing in cranes can’t be stressed enough Most of the fatalities in the industry comes from falls, and cranes can help reduce those fatalities. When investing in one, consider investing in Sany mobile cranes. This type of crane is resilient and designed to handle the toughest construction sites. Furthermore, they are far more affordable and more mobile when compared to other cranes.

Train Workers Properly

Another important safety measure is to train workers appropriately. Workers must know the potential hazards and know how to take the necessary precautions. Ensure they have the correct information about safety protocols, first aid, accident reporting, and other essential procedures.

Regular Equipment Inspections

Lastly, regular equipment inspections should be done before each shift to ensure everything is in working order. This will help identify potential risks or faulty equipment before anyone gets hurt on-site.

Accidents in construction sites can have a devastating effect on both workers and businesses alike. Companies must ensure that they’re taking proactive steps toward safety to reduce the financial burden and protect their workers. By investing in cranes, training workers properly, and more, companies can go a long way toward protecting both their people and profits.