SME insurance Survey March 2017
A survey of SME’s commissioned by HIPP Investments found that many business owners are not aware what their insurance policies cover, with three in ten of new businesses admitting to having no cover at all.
It seems the small business owner considers the insurance question as problematical, being time consuming and complex.
The report also finds that as many as 32% of SME’s are unaware that they need Employers Liability insurance to cover sub contractors and temporary workers. Another 42% were not aware that their where specialist insurers who cover particular types of business that could save a small business up to £200 per year on their business insurance.
For example Salon Gold cover beauty salons, their FAQs are quite detailed on whys and hows of insurance, whereas Macbeths offers specialist insurance knowledge in a range of IT, Social Welfare and Recruitment lead policies. It not only pays to shop around, it also offers peace of mind that your insurance policy covers you for eventualities that may occur in your link of business.
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New businesses are the most neglectful area of the survey where 32% have no insurance cover at all and 14% are unsure of what cover they have.
Under insurance or no insurance at all can put customers, staff and business at risk as well as risking business owners homes and any personal banking guarantees against their business, claims the report.