What does the term "total cost to business" include in health and safety measures?

The term "total cost to business" in the context of health and safety measures encompasses the overall financial implications of incidents, which includes more than just direct costs or legal fees. It reflects a comprehensive understanding of how safety incidents affect an organization's finances.

This total cost typically incorporates direct costs such as medical expenses, compensation claims, and repair costs, as well as indirect costs like lost productivity, training costs for replacement employees, potential damage to the company's reputation, and increased insurance premiums. Moreover, it may even account for preventative measures that a business might adopt to avoid future incidents, such as staff training and investment in safety equipment.

By recognizing the broader scope of costs associated with health and safety incidents, organizations are better positioned to allocate resources effectively and improve workplace safety, ultimately benefiting their financial health and workforce wellbeing.