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Howden’s summary of the HSE 2023/24 statistics
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Written by Mudassar Salid – Account Executive.
Manufacturing businesses in the UK operate in a high-risk environment, with health and safety challenges that require vigilant management and ongoing attention. The latest figures from the Health and Safety Executive (HSE) for 2023/24 provide a stark reminder of the human and financial toll of work-related illnesses and injuries.
For manufacturing businesses, these figures underscore the critical need for robust health and safety practices and a proactive approach to insurance.
Key health and safety statistics for 2023/24
According to HSE’s data*, the risks facing workers remain significant:
- 1.7 million working people suffered from work-related illnesses, the highest include:
- 776,000 cases of stress, depression, or anxiety
- 543,000 cases of work-related musculoskeletal disorders
- 2,257 deaths from mesothelioma due to past asbestos exposure (2022)
- 138 workplace fatalities in 2023/24
- 604,000 non-fatal injuries reported by workers through the Labour Force Survey
- 33.7 million working days lost due to illness and injury, costing both businesses and society
- £21.6 billion cost annually
These statistics paint a clear picture of the challenges businesses face in protecting their workforce while controlling the costs associated with workplace accidents and ill health.
The insurance perspective and why it matters
For manufacturers, the implications of these statistics are particularly significant. The industry is known for its physical demands, repetitive tasks, and exposure to hazardous materials, making workers more susceptible to injuries and illnesses. The importance of speaking regularly with your insurance broker cannot be overstated, as they can provide tailored advice and products to safeguard your business.
Which insurance products are most important for manufacturing businesses?
- Employers’ liability
- Public liability
- Business interruption
- Product liability
- Directors and officers (D&O)
This mandatory coverage protects businesses against compensation claims from employees who suffer work-related injuries or illnesses. With the manufacturing sector’s higher-than-average injury rates, this policy is a cornerstone of risk management.
Essential for covering claims from third parties who may suffer injuries or property damage due to your operations. This is especially relevant in manufacturing environments with regular client or contractor visits.
Manufacturing facilities rely heavily on machinery and equipment. A workplace incident can halt operations, leading to lost income. Business interruption insurance helps mitigate these risks by covering lost earnings during recovery periods.
If a product causes harm or injury to a consumer, your business could face costly legal claims. This coverage is particularly crucial for manufacturers producing goods for public use.
In an environment where health and safety regulations are strictly enforced, directors and senior managers may be held personally liable for breaches. D&O insurance offers financial protection in such cases.
The cost of inaction
The £21.6 billion annual cost of work-related injuries and ill health highlights the financial stakes for businesses. Lost productivity, legal claims, regulatory penalties, and reputational damage can all severely impact a manufacturer’s bottom line.
Insurance, while not a substitute for proactive risk management, acts as a safety net, ensuring businesses can recover from unexpected incidents without catastrophic financial losses.
Engaging regularly with your insurance broker is essential. Brokers can help identify evolving risks and recommend updates to your coverage in line with regulatory changes or operational shifts. They can also provide advice on:
• Risk assessments: Ensuring your insurance aligns with the specific hazards in your workplace
• Claims management: Streamlining the process if incidents occur, minimising downtime and costs
• Health and safety training: Many brokers offer or can recommend resources to improve workplace safety and reduce claims
By taking a dual approach - investing in preventive measures and maintaining comprehensive insurance coverage - manufacturing businesses can effectively manage risks.
Speaking with an experienced broker ensures your business has access to the right products, giving you peace of mind and enabling you to focus on growth.
For more tailored advice on protecting your business, request a call back today.