Nathan Savage, 39, from Birmingham, fell from a high platform during overnight work in November 2005.
Steven Martin, director of Birmingham firm SM Cold Stores, admitted two breaches of health and safety regulations at an earlier hearing.
He was ordered to pay the compensation during sentencing at Derby Crown Court.
The money will go to Mr Savage's widow and child.
After the hearing, HSE principal inspector Samantha Peace said: "This was a terrible incident which resulted in a man losing his life.
"Work at height remains one of the biggest killers of employees within the construction industry.
"These incidents could have been avoided if companies ensured that they had thought through a safe way of tackling the job, avoided work at height where possible, selected the right equipment for the job and ensured workers were fully trained and properly supervised."
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