Small Business Risks
Hi everyone,
We’ve recently conducted some research at Coverzones into the risks that small businesses are facing as a result of Government red tape and I wondered if anyone had any thoughts on the results or experiences they’d like to share?
According to our research data, 80% of SME’s claim to be facing greater insurance requirements as a result of increasing government litigation. In spite of these demands, however, 38% claim to have been forced to cut their level of cover as a result of challenging economic circumstances. Only 26% of businesses claim to be covered for every eventuality and, at the over end of the scale, a further 26% claim only to have cover for what is legally required.
Naturally, beyond those policies that are statutory, business insurance will always come down to a risk versus cost argument but naturally it does seem concerning that, with the withdrawal of trade credit insurance and challenging economic times, that businesses are being forced to take the risk of ‘trimming down’ their cover. Does anyone have any thoughts on the issue?
Cheers,
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