financial cost of asbestos

The construction industry has witnessed numerous innovations and materials over the years. Two such materials, Reinforced Autoclaved Aerated Concrete (RAAC) and asbestos, have been in recent headline news due to their implications on health and safety, especially in educational institutions.

The Financial Costs of Asbestos

Asbestos is a material that was widely used in building construction until the 1980s, when it was discovered to cause a range of respiratory illnesses, including mesothelioma and lung cancer. While the health risks associated with asbestos are well-known, many businesses are not aware of the financial costs that can arise from exposure to asbestos. Fibre Safe benefit from decades of experience in asbestos survey, management and knowledge, so in this blog, we’ll explore the financial impact of asbestos on businesses and the importance of managing the risks.

The direct costs of asbestos exposure can be significant. If an employee or customer is exposed to asbestos on your business premises and develops an asbestos-related illness, you may be liable for medical costs, lost wages, and other damages. In addition, you may face legal fees and fines if you are found to have breached health and safety regulations.

riskof asbestos

Indirect Costs of Asbestos Exposure


In addition to direct costs, businesses can also incur indirect costs as a result of asbestos exposure. These can include lost productivity, damage to your business’s reputation, and the cost of implementing measures to manage the risks posed by asbestos. For example, if you are required to carry out asbestos removal work, this can be expensive and disruptive to your business operations.

Insurance Costs

If your business is found to have exposed employees or customers to asbestos, this can also affect your insurance costs. Insurance companies may increase your premiums or refuse to provide coverage altogether, which can be costly and may make it difficult for you to operate your business effectively.

asbestos inspection

Managing the Risks of Asbestos

The financial costs of asbestos exposure can be significant, but they can be minimised through effective risk management. If your business operates in a building constructed before the 1980s, it’s vital to have an asbestos management plan in place. This plan should include regular inspections to identify any asbestos-containing materials and measures to manage the risks posed by these materials, such as encapsulation or removal.

It’s also important to provide adequate training and information to employees and contractors working with or near asbestos-containing materials. This can help to ensure that they are aware of the risks and know how to work safely in areas where asbestos may be present.

The financial costs of asbestos exposure can be significant, but they can be minimised through effective risk management. Businesses can protect their employees, customers, and bottom line by identifying and managing the risks posed by asbestos. If you operate a business in a building constructed before the 1980s, it’s important to take steps to manage the risks posed by asbestos and to be aware of the financial costs that can arise from exposure to this material.

Example Cost of failing to manage Asbestos.

During a Health and Safety Executive (HSE) inspection, a significant amount of asbestos-containing materials was discovered at factory premises in Kidderminster.

 “Although the defendants were aware of the presence of asbestos in the premises and had previously prepared asbestos management plans, these plans were not regularly reviewed or updatedFurthermore, there was a lack of active monitoring of the asbestos’s location and condition on-site, and the defendants failed to adequately address the risk of exposure to asbestos-containing materials.”

The company was fined £51,000 and ordered to pay costs of £30,000. The Director was given a suspended prison sentence of 12 months, fined £9,000 and ordered to pay costs of £14,000.

The HSE emphasises the importance of actively managing asbestos materials and holding dutyholders accountable for breaching health and safety duties. 

Don’t let asbestos impact your business financially. The best way to get accurate information specific to you and your building is to seek help from true industry experts like Fibre Safe. Contact us today for expert asbestos management solutions.

Call Fibre Safe now on 0800 458 4136 or email us at: sales@fibresafe.com for tailored advice and efficient asbestos survey services for both commercial and domestic properties.

For Commercial Asbestos Management Surveys Click Here. 

For Domestic Asbestos Management Surveys Click Here.

Share:

Facebook
Twitter
Pinterest
LinkedIn
On Key

Related Posts

asbestos audit wirral

Managing Asbestos Risks in Your Building

As a property owner, it is your responsibility to manage asbestos risks in your building. In this blog, we will provide some tips to help you manage asbestos risks in your building.

financial cost of asbestos

The Financial Costs of Asbestos

Asbestos is a material that was widely used in building construction until the 1980s, when it was discovered to cause a range of respiratory illnesses, including mesothelioma and lung cancer. While the health risks associated with asbestos are well-known, many businesses are not aware of the financial costs that can arise from exposure to asbestos.

Asbestos removal cheshire

Asbestos Removal Cheshire: DIY vs Professional

If you suspect asbestos in your property, the crucial question arises: should you attempt DIY asbestos removal, or is it better to hire a professional? In this blog, we’ll explore the risks and benefits associated with each option and provide Cheshire residents with essential information to make an informed decision.

asbestos survey ellesmere port

Asbestos Surveyor Ellesmere Port | Fibre Safe

Fibre Safe offers comprehensive asbestos surveys in Ellesmere Port. Specialising in residential, commercial, and land contamination surveys, our expert team ensures your safety and compliance. Contact us for reliable asbestos assessment solutions in Ellesmere Port.