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Many employers pay their insurance in belief that the insurer will pick up the costs of an accident. However, the costs of an accident can be broken down into the direct costs and indirect (uninsured) costs.
Direct costs are those costs that are accrued directly from the accident and are quite easy to calculate. They include the medical costs incurred and the compensation payments made to the injured workers. Direct costs are usually insurable by businesses.
Indirect costs are the less obvious results of an accident that can be costed. The indirect costs created by accidents are hidden. However, they too must be paid from profits from the sale of products. They are more difficult to calculate and tend not to be insured. Indirect costs include:
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