INDIRECT LOSS COSTS OF ACCIDENTS AND INCIDENTS

In various organizational loss control management audits we performed over the years when evaluating accident and incident investigation and analysis records... in many instances we noticed a lack of documentation of 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 their 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 property damage 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. 

                        Nick Brignola 1-484-239-4436                                   Virtual or on site Consulting 

                                                                          djbrignola@rcn.com