$120 billion dollars.
Though estimates vary, that is the astronomical cost of workplace violence (WPV) in America each year. It’s an astonishing sum that combines both the direct effects of WPV—like incident-related lawsuits and fines—as well as indirect effects such as reduced employee productivity due the emotional toll of an event.
While some experts cite a number closer to roughly half that total, whatever the actual dollar amount, the effects of WPV hit the bottom line of US businesses for tens of billions of dollars annually. So, how can organizations better safeguard themselves for the potential costs in a world where risk is on the rise? By implementing a preparedness plan that protects them both before and after an incident.
Before The First Shot
Earlier this month the University of Virginia reached a $9 million settlement with the families of victims killed or wounded in a 2022 campus shooting. Still, despite the settlement, these families are demanding answers on how the incident was allowed to take place. The ongoing investigation raises questions about whether the student UVA identified as a threat was properly dealt with by school officials, or if the university possesses greater culpability due to inaction.
The lesson? While preventing an incident like this is never guaranteed, a proper preparedness plan should include stringent security protocols that speak to organizational policies as they pertain to reporting threatening, violent and anomalous behaviors. In UVA’s case, while they likely had some kind of plan, some believe the results of the investigation may suggest a more rigorous one could have saved lives.
On campus, in the office, or elsewhere, OSHA recognizes workplace violence as a significant public health issue, one which every organization should not only be addressing but one which they may soon be required to prepare for. As we’ve mentioned in previous pieces, California’s Senate Bill 553 is doing just that, setting a preparedness standard many states are poised to follow.
WPV planning not only offers businesses an opportunity to boost prevention, but also a chance to operate ahead of the curve.
In the Aftermath
Speaking of getting out front of an incident, many organizations are taking the reality of the risk environment seriously enough to secure specialized insurance coverage. Varying options offer coverage ranging from property damage to victim support.
How popular is it? Purchases have increased by 30% every year since 2020, proactively delivering another level of protection for businesses and decision makers who’ve decided they no longer want to take chances on safety.
With expertise including Run-Hide-Fight, active shooter preparedness and response, situational awareness, de-escalation techniques, and more, The Power of Preparedness provides critical guidance that can save lives. Contact us to learn more.