Indirect Costs of Accident – Definition and Top 5 Examples of Indirect Costs
Indirect costs arise indirectly as a result of accident. Indirect costs are often difficult to quantify precisely and are hard to identify. These are generally 8 to 36 times greater than direct costs. Apart from this, indirect costs are often difficult to be quantified precisely and may be hard to identify.
Examples include:
- Reduction in staff morale
- General hiring difficulties
- Staff retaining difficulties
- Loss of customers good will following delays in production and fulfilling orders
- Damage to public image and business reputation
- Damage to industrial relations
- Strikes
