9 Sep 2014

Eliminate at least 25% of safety related losses.

Safety related losses on projects are estimated to constitute as much as 9% of the total project cost.

In other words, for every £100million spent on major projects, up to £9million will disappear as a direct result of Health & Safety management issues, accidents and the outcomes of Health & Safety failures. Very little of this can be recovered through insurance - the ratio for insured to uninsured losses can be as much as 1:40.

Good safety management practices can eliminate at least 25% of these losses. On a £100million project, therefore, over £2million could be saved.

Organisations investing in a major project are usually unaware of the huge hidden costs that can result from safety failure. Health & Safety authorities around the world have identified that the ratio of direct costs to hidden costs can be as much as 1:20. At the risk of being pedantic, it is worth clarifying that this multiple means that an accident or safety related incident which causes £1,000 of visible damage will actually cost the client £20,000 in lost and irretrievable expenditure.

In the UK the actual average cost of a serious accident is estimated to be over £40,000 and the cost of a fatality as much as £1.5million. Avoid devastating accidents, read more about the Good to Go Safety systems by clicking here or you can Download the Good to Go Brochure

Referenced from Saving Project Safety Costs - Turner & Townsend

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