Men experience workplace injuries at roughly twice the rate of women. We study whether compensating differentials for injury risk contribute to gender differences in firm pay policies. We develop a search model that microfounds an AKM wage equation, decomposing firm pay effects into productivity and injury-risk components. Using Italian matched employer–employee data with individual injury records, we estimate gender-specific firm wage effects and firm-level injury risk. We find that injury-related channels account for 8 percent of the gender gap in firm wage effects, rising to 17 percent in manufacturing. While women receive only 86 percent of men’s wage response to firm-level injury risk, conditioning on broad occupation eliminates this within-firm disparity. This indicates that the injury channel reflects sorting across firms and occupational allocation within firms, rather than differential pricing of identical risk.