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.

"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)

"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)

"The penetration rate for EL cover has gradually fallen over the last four years, signposting the need for greater education around this type of insurance, says data and analytics business

GlobalData believes this leaves some UK SMEs “open to the risk of large payouts in the event of an injury to one of their employees and also leaves some SMEs breaking the law”.

(Insurance Times - November 2021)