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// PREDICTIVE INTELLIGENCE //
Almost half of SMEs are uninsured
The current economic environment means SMEs need to look at every area of their business to explore where they can cut costs . But business insurance isn ’ t one area which should be cut , according to money . co . uk business insurance . James Andrews , Personal Finance Editor at money . co . uk business insurance , outlines the importance of insurance and what SMEs need to consider when choosing an insurance company .
HE LATEST RESEARCH
T from money . co . uk business insurance discovered that more than four in ten ( 44 %) small- and mediumsized enterprises are not covered by any commercial insurance . This means almost half of SMEs put themselves at risk of legal action from third parties and the financial impact of cybercrimes and stolen or damaged equipment . A further four in ten ( 40 %) are underinsured , indicating that the company ’ s assets are insured for less than their true value .
While the cost of living crisis can make forgoing business insurance tempting , doing so puts yourself , your business and any employees you have at risk .
Business insurance is an umbrella term encompassing a wide variety of differing policies and covers . Some of these may be :
• Public liability
• Employers ’ liability
• Professional indemnity
• Legal expenses
• Commercial property damage
• Business interruption
• Goods in transit
• Cyber
Business insurance claims paid out in the UK account for a fifth ( 20.5 %) of all the business insurance claims across Europe . The right kind of policy cover for you will depend on your business , its size and how it works . While employers ’ liability insurance is a legal requirement if you employ anyone other than yourself , you must determine which other types of cover are the most appropriate to keep your business safe . The experts at money . co . uk business insurance have provided business owners guidance on which policies could offer your business the most security .
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