It's almost as if you could take an extra deduction from your paycheck. The costs are always greater than money alone. The more accidents there are, the less productive the company can be as a whole. Other more efficient, safety-minded companies begin to take business away. If they take away enough business, your company may have to lay people off.
Accidents do cost.
It's obvious that accidents cost money. Each time you go to a doctor, someone has to pay the bill. It may seem to you that it doesn't matter, since your company carries Workers Compensation insurance anyway. But, it does matter. Even insured accidents can end up it does matter.