1. The fine for failure to comply with Health & Safety Legislation has recently been increased to

One of which is not having an assessment and policy statement.

Having said that it is unlikely that this level of fine will be imposed for not having a written statement but it could be fairly significant and you will have to have one done.

2. You will have a "record".

3. Insurance companies may pay lower levels of compensation for loss of a machine if you have not followed the letter of the law, you will have to cover the costs from your own resources.

* If dealt with in a Magistrate’s or Sheriff’s court the fine may be up to £20,000 per offence. If the case is dealt with in a higher court, an unlimited fine may be imposed.

In 2006, the highest fine ever for a breach of the Health & Safety at Work etc Act 1974 was levied against Transco following a gas explosion from a leaking gas main that levelled a house & killed a family of four in Lanarkshire. That fine was £15 Million