Economics of workplace safety
Full details
| Authors & editors | |
| Publisher | Milling & Grain |
| Year of publication | 2022 September |
| Languages | |
| Medium | Digital |
| Edition | 1 |
| Topics | |
| Tags | |
| Scope & content | Safer and more reliable equipment is easier to service, has a longer life and is less expensive to maintain Conveyor safety is not a modern trend bred by government regulation; it's a common-sense idea as old as the first conveyor design. In the modern age, safety is a key factor in worker protection, reduced insurance rates and a lower total cost of operation. There are several hurdles to the installation of safety equipment, the biggest of which is the near-universal use of the Low Bid process. When companies buy on price (Low Bid) the benefits are short-lived and costs typically increase over time. In contrast, when purchases are made based on lowest long term cost (Life Cycle Cost), benefits usually continue to accrue and costs go down, resulting in a net savings over time. Safer and more reliable equipment is easier to service, has a longer life and is less expensive to maintain. Read more about: Intangible costs Safety pays Justified over the long term |
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