‘Partner’ (shareholder) 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... »