Is Your Business Properly Insured?

April 3, 2016 by Andy Crow

Is Your Business Properly Insured?

A recent study by constructaquote.com has shown that nearly two thirds (64%) of sole traders and small businesses in the UK don’t have Professional Indemnity Insurance.

The study found that those working as building contractors, engineers and estate agents are the top culprits.

When questioned as to why they didn’t have cover the most common answers were:-

‘I don’t feel as though I’ll ever require it’ (39%),
‘I don’t know enough about what the insurance policy would guarantee me’ (33%)
‘I don’t think I can find the budget to pay for it’ (12%)

It is amazing in a world where the suing culture of the world has increased so much in recent years that people are not properly protecting their businesses.

We all have buildings and contents insurance on our house or car cover yet there seems to be a smaller appetite to protect ones livelihood.

Lyndon Wood, CEO of constructaquote.com, said: “We’re shocked to hear just how many small business owners in the UK don’t have this insurance; it’s absurd. Those who say they haven’t invested because they’ll never require professional indemnity insurance are those who are most likely to one day be in a position to use it. Those who say they don’t own it because they can’t afford it should really do a little research – it’s affordable, and business owners have the ability to pay in either monthly or annual instalments, depending on preference.”

All businesses should speak to a broker who can professionally advise people on the best insurance policy schedules that they require. This should now include cyber insurance to combat the ongoing, well publicised threat.

Chorus Business Advisers work closely with brokers and can help put you in touch with the right people so call us on 0845 8671263 or email info@chorusadvisers.co.uk.