According to a poll of Maritime industry executives shows that for every $1 spent on direct costs related to an accident, there are another $3 to $5 worth of indirect costs…putting the actual cost of an accident (with direct medical and compensation costs of $15,000) at somewhere between $45,000 and $75,000. Most executives polled said that for every $1 their company spent on workplace safety, they saved at least $3.

In a recent poll of financial decision makers the participants perceived that on average, for every dollar spent improving working place approximately $4.41 would be returned. This type of return is significant on many levels.

First and foremost is the reduction in accidents that an effective SMS provides. Second is the economic gain your company gains upon implementation of a Safety Management System. Additionally, as workplace safety improves, so does employee morale which leads to greater productivity and higher profits.

Ocean Time Marine has developed a Safety Management System (SMS) Software / Template to assist commercial vessel operators in writing a SMS.

What type of SMS does your company have? Get started and use an effective template.