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Business loan to protect against health and safety fears
Reported on Mon, 03 Jul 2006
Small and medium sized enterprises (SMEs) in the UK are failing to keep up to date with health and safety legislation, but a business loan may help to fund health and safety developments.
Almost a quarter of accidents in SMEs are not reported by 80 per cent of employees, claims research from City and Guilds.
Manufacturing and practices specialist at City and Guilds, Lynne Oliver, said: "While many employers are taking their Health and Safety Executive duties seriously, nearly one in ten (nine per cent) employers state that although health and safety is important to them, it is not a priority - despite the fact that a conviction could cost them their business."
She went on to highlight the fact that many SMEs are unaware that they can face fines, even when an accident has not taken place.
It is not only individual businesses that suffer costs from lapses in health and safety, poor health and safety management costs the UK economy £10 billion a year, claims Lord Hunt of Kings Heath the minister for health and safety.
Taking out a business loan would allow SMEs access to the funds needed to provide fully comprehensive health and safety training, and supply extra money to cover liability costs should the need arise.
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