The issues with that approach is that not everybody is well equipped with the ability to evaluate risk and price it accordingly. Furthermore, the employer typic

The issues with that approach is that not everybody is well equipped with the ability to evaluate risk and price it accordingly. Furthermore, the employer typically has an information advantage over the employee, as they know how often the safety equipment is serviced/replaced, for example. As such, it makes more sense to have an expectation of worker safety and that employees are not unnecessarily exposed to risks that are preventable and known to the employer.