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Knowledge of workers compensation costs

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As risk manager for Titanic Corporation, you want to embark on a stringent work safety program that would cost the business at least $500,000 per year for the next three years and $300,000 per year thereafter. Workers' compensation losses average about $600,000 per year, and you estimate that you can reduce them by one-third. Your plan is opposed by the financial vice president as a "bleeding heart" program that is not even close to being cost efficient.

  1. In light of your knowledge of workers' compensation costs, employers' liability exposures, and trends in court decisions, what arguments can you make in favor of the safety program?
  2. Give some examples of activities you might include in this safety program.

Reference no: EM133189743

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