business insurance

Small Firms at Risk Due to Lack of Business Insurance

Small Firms at Risk Due to Lack of Business Insurance

Small and medium businesses could be at risk as a new survey by YouGov has revealed that the majority are operating without necessary insurance due to widespread “insurance ignorance” amongst business leaders. More than half (55%) of business owners said they did not have ‘Partner’ (shareholder) insurance and 30% admitted they had never heard of it. Another 24% admitted to not being aware of ‘Business Loan’ insurance and only 8% said they had it in place. The report, produced in conjunction with Royal London, found that small businesses are unaware of the need to protect their staff as well as goods and assets. 59% of business owners said that having stock and equipment covered was essential, compared to just 40% who said ‘key person’ insurance was important. However, 77% of firms said the... »

Business Insurance: Getting the Right Policy

Setting up and running a small business can be overwhelming in itself. Choosing the right business insurance cover can make it even more daunting and potentially threatening to its success. A business must acquire the right protection in order to ensure trading runs as proficiently as possible. There are two things that a business must get right. The adequate insurance cover must be purchased for the specific business. The correct levels of cover need to be appropriate for individual employees and business needs. Maggie Craig, the Association of British Insurers (ABI’s) acting Director General, said: “In the current economic climate, it is even more important people are not under-insured or put off getting vital cover because they don’t understand how insurance works.” Ge... »

Free Insurance Guide For Firms On A Budget

A free video guide to help small firms find cheaper business insurance has been launched by insurance website Insurantz.com. A guide to finding cheaper business insurance explains where firms should start looking for cost-effective insurance, how to take advantage of insurance packages and how to keep the cost of their insurance premium down — for example by setting the right level of excess. The guide also outlines the different types of guarantees and deals that could be available to businesses. “There are so many technical aspects and nuances to insurance products, and with more and more suppliers products can vary greatly,” said Insurantz.com managing director, James Pickering. “We hope our easy-to-understand video guide provides small businesses with some thoug... »

Half of Home Businesses uninsured

Almost half of home-based businesses do not have business insurance cover, according to online insurance provider Insurantz.com Their survey of 1,040 home businesses revealed that 45% did not have any business insurance cover. The research found that home-based business-owners are failing to take out business insurance, because they believed their home contents insurance would provide adequate cover. According to the Association of British Insurers (ABI), while businesses are only obliged to take out insurance cover in a few areas — for example, employers’ liability is a legal requirement for all employers — taking out other business insurance cover just makes good sense. ABI spokesman Malcolm Tarling said: “Most household contents policies will not automatically co... »

Online tool offers Insurance Comparisons

Online tool offers Insurance Comparisons

Small firms can compare insurance quotes quickly and easily following the launch of a free business insurance search tool from Comparethemarket.com. The new service allows firms to search for quotes by category — such as for offices, tradesmen or retailers. It also allows users to search for specific insurance products, such as public liability, business interruption and buildings insurance. Comparethemarket.com insurance spokesman Jeremy Moll said: “With many small and medium–sized businesses feeling the wrath of the credit crunch on a daily basis, they will be looking to make financial gain wherever possible,”. “Having business insurance is a necessity and our new service helps time–poor businesses search quickly through a number of products from a var... »

A Third of SMEs have No Insurance

A total of 30% of small firms have no insurance at all, commercial insurer Premierline Direct has claimed. The research also revealed that just 16% of small firms -have business interruption cover and only 17% have commercial legal cover. Association of British Insurers (ABI) spokeswoman Kelly Ostler–Coyle said the results were not surprising, though they were worrying. “Business leaders are taking cost–cutting measures, but a lack of insurance cover could leave small businesses out of pocket or even out of business,” she said. “Some people may not be well advised about the different insurances they can take out, but generally a lack of insurance is a business decision – and not a very wise one. Businesses make business decisions every day about what the... »