Describe the various approaches for the cost analysis of an accident in brief.

Accidents in workplaces or industrial settings lead to significant financial losses, impacting businesses, employees, and society. The cost analysis of an accident helps in understanding the economic impact and justifies investments in accident prevention measures. Various approaches are used to analyze accident costs, broadly categorized into direct, indirect, and hidden costs.  

### 1. Direct Cost Approach  
Direct costs are the immediate expenses incurred due to an accident. These are typically measurable and covered by insurance. Some key components include:  
- Medical expenses: Costs related to hospitalization, medication, and treatment of injured workers.  
- Compensation costs: Payments made to workers for injuries, disabilities, or fatalities as per legal and insurance policies.  
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