Ever wondered what insurance is required for small businesses, whether you are compliant and if not, what are the risks?

Check out the comprehensive Insurance Business UK guide here.

How are businesses prioritising their insurance cover in order to cut costs? This article from Insurance Times investigates firms placing an importance on Cyber and a decrease in Business Interruption cover.

British Insurance Brokers' Association (BIBA) highlights the need for cyber cover, especially for SMEs.

(Article from Insurance Age - January 2023)

What risks are UK business owners placing their priorities and how is this changing from the previous year? This article looks at the Aviva Risk Insights Report for 2023 and also highlights the importance of adequate cover for businesses.

(Article from Insurance Business UK - January 2023)

“Twindemic” combination of Covid-19 and flu may influence employers’ liability claims.

(Article from Insurance Times - January 2023)

Why increased compliance will help businesses navigate through regulation and save costs/energy in avoiding malpractice lawsuits

(Article from Insurance Business UK - January 2023)

Recent (October 2022) climate change protesters targeted international precious works of art on display, including Vincent van Gogh’s “Sunflowers”, calling for art collectors to review adequate insurance cover against unforeseen risk.

(Article from Insurance Times - October 2022)

"Brokers are therefore vital for providing advice to protect businesses through economic headwinds

Small to medium-sized enterprises (SMEs) are being left open to significant levels of uninsured risk due to the UK’s challenging economic environment, Aviva has warned."

“SMEs will obviously be paying close attention to their expenditure as a result. But cutting corners on insurance leaves them exposed to considerable risk – we estimate that 50% of UK businesses are underinsured to some degree and 45% of policies with buildings have at least one premises suspected to be underinsured by 20%.”

(Insurance Times - September 2022)

"Insurance claims from companies have become more severe over the past five years due to factors such as higher property and asset values, more complex supply chains and the growing concentration of exposures in one location, such as in natural catastrophe-prone areas,” said Thomas Sepp, chief claims officer and board member at AGCS. “The future does not look bright anytime soon.”

Read the full article from Insurance Business UK here on trending commercial risks that may impact on business interruption and damage replacement costs.

(Insurance Business UK - July 2022)

"Events such as the war in Ukraine and growing inflation have “significantly altered” business leaders’ perceptions of risks, with corresponding risk resilience falling dramatically since 2021.

This is according to insurer Beazley’s latest Risk and Resilience 2021 research, published today (13 June 2022). This showed that the proportion of surveyed UK and US business leaders ranking war and terror as their biggest risk was up by 46% compared to last year’s survey."

(Insurance Times - June 2022)

"Because each small business faces unique risks and challenges, there is no one-size-fits-all policy that caters to every insurance need. The type of coverage a company will require depends on a range of factors, including its business activities and the number of employees.

Business insurance providers across the UK offer various policies that can help protect small enterprises against the different risks they face. The selection is diverse, but according to industry experts, these are some of the most essential coverages small businesses need to protect their operations.”

(Insurance Business UK - May 2022)

Cyber risk trends are reported in a joint survey/study with Microsoft. Having the right insurance cover in place is only one way way of mitigating potential damage.

"After three years of unrelenting workplace disruption, digital transformation, and ransomware attacks, business leaders are no more confident in their ability to manage cyber risk than they were two years ago..."

(Insurance Business UK - May 2022)

“To protect assets, companies should invest in adding cyber insurance to business policies.

The average loss of British businesses who have experienced a cyber attack is £223,516, according to the findings from the latest survey commissioned by SJL Insurance Services.”

(Insurance Times - July 2021)