Safety standards could be addressed by insurability, and this is really a very separate concept from wage.
Look up the Underwriters Laboratory for a real life example of this happening without government, it’s successes are all around us.
Look up the Underwriters Laboratory for a real life example of this happening without government, it’s successes are all around us.
For insurance carried by or provided the employer, any event that happens after employment ends is an externality and not covered. Extreme cases involving death will be underpriced as the employee won't have use for the money if they're dead.
In my own finances I carry a life insurance policy less than 1/10th of my nominal future earnings.