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Auto Accidents Cost Employers Over $56 Billion Yearly

May 30, 2018 | By , on Personal Injury.

Auto accidents can be very expensive for the individuals who become involved in collisions as well as for others who have a responsibility for paying for crash causes. Because accidents can result in substantial medical bills, loss of wages, and many other types of financial loss, it is important for victims hurt in accidents to consult with a Miami accident attorney in order to get help covering crash costs.

It is not just individual victims who must pay high costs associated with auto accidents. According to the 2018 Driver Risk Safety Report prepared by workforce management software company Motus, car accidents are still occurring at record high numbers in the United States and as many as 40 percent of automobile accidents that occur are work-related. Employers end up incurring around $56.7 billion in costs annually as a result of the substantial number of auto accidents that occur.

Employers Lose Billions Due to Auto Accidents

As Motus explains, employers incur $56.7 billion in estimated auto accident costs each year at the same time as total collision-related insurance claims reach their highest level in a decade.

Employers incur many different costs, depending upon the situation. In some circumstances, companies face costlier insurance premiums after workers become involved in accidents. When an auto accident occurs, insurance rates could go up by around 33 percent as a result of the incident.  If an employee is involved in a collision while performing work duties, the company an employee works for can be sued by injured victims harmed in the crash.  This is common, as victims routinely want to go after a company that is perceived as having deeper pockets to more easily provide compensation compared with an individual employee who may not have as much money or as much insurance coverage.

Workers injured by auto accidents while on-the-job could also make a workers’ compensation claim for benefits. And, employers also experience costs as a result of lost productivity if a worker is involved in an auto accident and becomes unable to come into work on a temporary or permanent basis. 

As a market researcher at Motus explained after the study was conducted, when an employee is hurt in an auto accident and becomes unable to do his or her normal work duties, someone else needs to step in and fulfill those responsibilities in a temporary or permanent basis. This creates an overall drag on the organization’s productivity that can be costly and damaging.

While employers can try to put policies in place aimed at reducing crashes – such as a prohibition on distracted driving and operating safe driving programs to teach good habits to staff members– accidents are likely to continue to cost employers.

If you are a victim of a crash and you want help making sure the right people and companies are held accountable and are made to compensate you for financial loss, contact a Miami accident attorney for help as soon as possible after the crash happens.

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