Small businesses at risk says Bank of Scotland

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Small businesses at risk says Bank of Scotland

Small businesses in the UK are facing potentially disastrous consequences due to not implementing contingency procedures in the event of an emergency, says Bank of Scotland.

New research shows that 50 per cent of the UK's small businesses have no plan set in place if a disaster hit their company such as fire or theft.

Alternatively, it is larger businesses that have created more formal procedures for unforeseen circumstances with 57 per cent of firms employing more than ten people establishing emergency plans.

Head of Bank of Scotland business banking Kevin Gillett stated: "Although a rare event, when small businesses do suffer a major incident the impact can be devastating."

"It is therefore alarming to see how little thought and preparation is being put into disaster planning by many companies," he continued.

Bank of Scotland discovered that it is sole traders who take less care in creating an emergency planning strategy and a majority, 52 per cent, of sole traders do not regularly back up data on their computer, leaving them at risk of losing important business information.

Bank of Scotland and Halifax merged in 2001 and the resulting company, HBOS, has around 22 million customers.

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