Risk of not having sufficient business insurance
Chris Little, Managing Director of Premierline Direct, has recently written an article over on SME Web explaining the risk some small businesses face by not having sufficient business insurance, and advice on how to ensure adequate cover.
Chris said: “Research shows businesses are putting themselves at risk to over £3billion of potential claims and liability costs and that many SMEs do not have adequate cover. In fact, 30 per cent of small businesses do not have any insurance.”
Chris expressed the importance of examining the policy regularly to ensure it still covers the business’ needs, as these can change over time and if the policy has been in place for a few years it could be that it no longer provides the cover needed.
“Seven out of 10 small firms would go out of business if they experienced a major emergency with over two-thirds having no contingency plans in place to deal with it.”