If your goal is to maximize profits and financial bottom lines in your personal and professional lives, then it’s more important than ever to understand the genuine costs of injuries and accidents. You may be working through an effortless flow of making, saving, and investing money, and then suddenly an injury occurs for some sort of incident where workflow stops, and everything comes to a screeching halt.
Ideally, you should prevent these incidents in the first place, but there are also efficient recovery methods for you to look into. Examples of injuries and accidents are all around you. If you get into car accidents, that creates an economic situation. There are lawsuits against companies who don’t prepare against risks. Recovery treatments are costly and can get in the way of workflow. And, if an accident occurs because of negligence, on trust between individuals and businesses can be severed.
If you’ve ever been involved in a car accident, then you know what some of the consequences can be. There are medical costs. There are costs if you have to hire a car accident lawyer. There is the cost of fixing your car. There is the cost of increased insurance after the accident. If you’re trying to avoid preventable costs, being a safe driver and keeping yourself out of dangerous highway conditions is an excellent place to start.
Lawsuits Against Companies
If a company doesn’t follow OSHA regulations and someone gets hurt, what happens? Well, right away, employees and clients can start lawsuits against the company. And even if a company is not necessarily negligent or didn’t do anything terribly outside of the law, the costs of defending themselves can lead to financial ruin and even bankruptcy.
An injury doesn’t exist in a vacuum either. After someone gets hurt, there is the recovery time that is involved. Depending on the type of injury that happens, a person may not be able to work for a period, in which case there is Worker’s Compensation to figure. On top of that, recovery medication and treatments can be very expensive. Again, prevention, avoidance, and preparation are all going to be vital from a corporate standpoint to prevent any sort of personal risks to employees.
Trust Between Parties
And what happens if someone is hurt on company property? If the manager of the business was the person at fault, how long will it take for trust to develop between the parties involved in the injury? What kind of bad reviews will come from that person in the form of negative publicity? Anytime there is an injury or an accident, the liable party is likely to suffer both immediately and in the aftermath because of the negative attention.
I set this blog up a couple of years ago now as a way to share my experience that I’ve gained through my school education and my real life education. It sounds geeky, but the economy is something that I’m really passionate about and it’s something that I am actually pretty talented in, so it’s great for me to share these experiences with those that may be struggling a little bit with finance and figuring out how to navigate the economy.