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Total Cost Of Risk

These three factors affect your Total Cost of Risk (TCOR):

(Copyrighted material of Sitkins International)

Preventive Cost	Direct Cost	Indirect Cost
Safety and risk management	Transportation expense	Employee turnover
Pre-employee screening	Production decrease and downtime	Reputation with insurance companies
Preventive process and procedures	Product or equipment loss	Vendor/supplier turnover
Website analysis and review	Replacement of first aid supplies	Senior management
Safety systems	OSHA fines	Loss of market share/market shift
Safety reengineering	Consultant fees	Business failure of vendors or customers
Culture evaluation and management	Blood born pathogen issues	Warranty losses
Insurance premiums	Employee theft	Employee watching and discussing accident or events
Wellness programs	Market shift	Morale
GPS asset tracking and monitoring	Self insurance deductibles	Loss of reputation
Disaster recovery plans and systems	Self insurance gaps in coverage
New hire orientation	Additional productivity loss of other workers
Safety manager salary, expenses, taxes, etc.	Legal expenses
Personal protective equipment	Loss of productivity after accident
Safety assistant salaries, expenses, taxes, etc.	Management time to administrate injury activity
General safety meetings	Other employees time to administrate injury activity
First aid supplies	Active claims process
Facility capital improvements for safety	Legislative updates/changes
Maintenance and repair of safety equipment	Under value building/property value
OSHA preventive compliance costs	Certificate of insurance management
Safety committee time	Injured time
Supervisor prep time for training	Medical visits while on light duty
Annual reviews of TCOR systems	Decreased productivity while on light duty
Training	Supervisor rescheduling and training
Loss prevention and loss measure	Office preparation of reports and managing the loss
Legal expenses	Reactive safety activities
Vendor service plan	Overtime required
Technology updates	Medical paid by employer
Continued education	Clean up costs
Cost of time on toolbox talks	Prescription costs
Cost of materials for toolbox talks	Accounts receivables