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Building Industry Finance, Law and Insurance
News Release from: Insurance for Business | Subject: Small business insurance
Edited by the Buildingtalk Editorial
Team on 08 February 2008
Small business insurance - are you
covered?
Neale Phillips, head of Insurance-for-Business at British Gas Business explains the importance of ensuring that you have the right insurance in place.
Failing to have proper insurance cover for your small business could lead to disaster, but this can be avoided by ensuring that you have the right insurance in place from the outset According to recent research three quarters of small firms in the UK are under-insured and therefore exposed to the risk of being fined up to GBP2,500 a day by The Health and Safety Executive or taken to court simply because they do not have the right insurance in place for their business needs
This article was originally published on Buildingtalk on 24 Jan 2008 at 8.00am (UK)
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The research goes on to reveal that millions of the UK's small businesses do not have compulsory Employers' Liability cover, a policy that UK bosses are legally obliged to have - even for voluntary members of staff.
In addition, over half of UK small businesses are under-insured for the commercial activity they undertake, leaving them exposed to financial losses and lawsuits, which could place their businesses' future at risk.
The question is why are so many small businesses under-insured? It could be because they aren't aware of what insurance cover they should have, or are unsure how to go about getting the best insurance for their needs.
Or it could simply be because they have very little time and sorting out insurance cover isn't top priority.
Purchasing insurance can be a time consuming task and our research shows that of those small businesses buying insurance cover, 44% of them do so through brokers.
It is easy to see how this could be a time consuming task, calling round a number of different brokers to get quotes and then trying to decide which to opt for.
A contributing factor as to why so many small businesses are under-insured could then be the absence of quick, easy to use online insurance services which up until now haven't been readily available to small businesses.
The major benefit of an online service such as www.insurance-for-business.co.uk is that it enables time-poor business owners to access a range of quotes and buy online without the need for a single phone call.
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