Press Release
Insurance costs continue to spiral for UK SMEs
With employer liability insurance costs set to rise again when the delayed
Injury Cost Recovery (ICR) legislation comes in to force on 1 October 2006,
Bibby Financial Services, specialist provider of business cash flow
solutions, is urging the UK’s small business community to review health and
safety policies as a matter of urgency.
Under the new legislation, the NHS will have the right to claim back from
employers the cost of treating staff injured on their premises through
their employer liability insurance. This change in the law is expected to
increase the cost of employer liability insurance by up to 8% for small to
medium-sized businesses.
With many struggling to stay in business and remain profitable through the
early years, the burden this imposes on owners and managers is viewed by
many as another kick in the shins from the Government when it comes to
supporting the prosperity of the small business community.
David Robertson, chief executive of Bibby Financial Services, said:
“Despite the seemingly bleak outlook, there are positive steps UK owners
and managers can take to minimise the rise in their employer liability
insurance when the new regulations come in to affect.
“Insurers have made it clear that they are willing to work with the
business community to keep costs as low as possible, by reflecting
responsible health and safety practices in their rates. Owners and managers
who wish to minimise the impact of the regulations on their business should
review their health and safety procedures as a matter of priority and work
with their insurers towards a manageable solution.”
In order to help tackle the often complex area of health and safety in the
workplace, Bibby Financial Services has developed the following tips:
-
Get registered - if you have at least one employee you
must register your company with the appropriate body. If you have
employees in an office or shop, you need to register with your local
council. If you have a factory, you must register with the Health and
Safety Executive. For more information log on to: www.hse.gov.uk
-
Assess the risk - whether you are an employer or work
alone, you are legally required to assess the risks in your workplace.
Carrying out a risk assessment is the first step in minimising the cost
of health and safety by ensuring that the correct preventative measures
are in place
-
Review and revise - review your risk assessment on an
annual basis and always amend your assessment when circumstances change
(e.g. when you buy a new piece of equipment). Remember to record the
outcome of your risk assessment and any corrective action taken
-
Put it in writing - if you employ more than five
people, you must have a written health and safety policy and make sure
that it is communicated to all employees. The policy should include:
your general approach to safety, details of individuals responsible for
health and safety matters and any specific health and safety procedures
or emergency instructions you have in place
-
Training matters - ensure that you provide appropriate
health and safety training for all employees. Include health and safety
training as part of the induction process and always monitor their
behaviour to ensure that training is effective and that the procedures
are being followed
-
Look after your staff - as an employer, you have a
legal obligation to provide enough clean, working toilets, drinking
water, clean working areas, comfortable temperatures, adequate
lighting, space, ventilation and an appropriate rest area
-
In case of an accident - you must have suitable first
aid facilities and under the Reporting of Injuries, Diseases and
Dangerous Occurrences Regulations (RIDDOR) you are required to report
serious injuries, diseases and dangerous incidents. All businesses must
have an accident book that records the date and details of each
accident, including the name of the injured person and what action was
taken.
-
If in any doubt, ask - your local authority, the
Health and Safety Executive (HSE) or your local Chamber of Commerce or
Business Link will be able to point you in the right direction for
further information. Independent health and safety consultants can also
provide useful advice.
“While providing a safe and healthy working environment is a priority for
most owners and managers, in reality, the majority find the day-to-day
reality of risk assessments and compliance both time consuming and a
distraction from their core business activity.
“Fortunately, owners and managers can get help from outside organisations,
such as Bibby Financial Services, regarding their health and safety
requirements in the same way they outsource other non-core functions of the
business,” Robertson concluded.
For more information on health and safety compliance, call Bibby Financial
Services on 0800 919 592.
Click here to download a copy of this press release.
