NG unit 1.1

Question 1

How much is the minimum amount a company must have for employee insurance?

Answer 1

£5 Million

Question 2

What are the three main reasons for promoting Heath and Safety in the work place?

Answer 2

1) Moral responsibility
2) Finical Implications
3) Legal requirements and responsibilities

Question 3

List five financial implications a business might incur following a work related incident.

Answer 3

1) fines and compensation
2) loss of, or damage to, products and raw materials
3) sick pay
4) increase in insurance premiums
5) Time taken to investigate accidents
6) extra wages, overtime working and temporary labour
7) Consultants fees to assist in accident investigation
8) production delays
9) Lost time
10) loss of contracts
11) repairs to equipment and plant
12) hiring of tools/equipment
13) legal costs
14) lots of hard earned business reputation
15) contract penalties
16) compensation claims
17) solicitors fees
18) increases in insurance premiums