INDIRECT LOSS COSTS OF ACCIDENTS AND INCIDENTS

In various organizational loss control, organizational management audits I performed over the years when evaluating accident and incident investigation and analysis records... in many instances I noticed a lack of documentation and management understanding, quantifying, and accounting for the indirect loss costs of an injury or property damage accident or incident. Example: When it comes to a Workers' Compensation (WC) Injury, your WC insurance carrier will pay the cost of the employee injury and his time away from work (of course you will too, as a business at some point in your future premiums as well... However, who is paying for the rest of the Indirect Loss Costs associated with that loss? Let's take a look at some of those Indirect Loss Cost items that are not usually quantified, listed, or calculated on the accident or any other incident report! One important area I didn't list for various reasons but must be thought about because of its costly consequences is third party liability. 

                       Global Loss Control, Inc.

                       Nick Brignola 484-239-4436                                   Virtual or on site Consulting 

                                               

                                                             nickb@globallosscontrol.com