Cost savings and productivity advantages
According to the statistical average, non-fatal industrial accidents will bring more than 30,000 dollars of direct and indirect medical expenses to the factory. In case of fatal accidents, this cost may be as high as more than one million dollars!
Fines in civil lawsuits can often run into millions of dollars!
In such accidents, not only the workers but also the equipment and machinery may be damaged. There are times when productivity declines due to costly maintenance and lengthy downtime.
For employers who are able to effectively implement a lockout/tagout program, many insurance companies offer preferential premiums, saving them a lot of insurance costs!