More SMEs See Themselves as “Too Small” for Insurance, Says Brisco Business Insurance

London, Oga. 09, 2022 (GLOBE NEWSWIRE) — SMEs (small and medium-sized enterprises) without business insurance increasingly, with many policyholders failing to review business changes, a recent study by Allianz Commercial has revealed.

Of the sole decision-makers and SME decision-makers who took the survey, the main reason for stopping their business was believing that their business was too small (47%). The second most common reason was because of working remotely (42%), followed by not having clients traveling on site (34%) and not having a lot of insurance, i.e. not having land or cars (33%).

In UK, it is only mandatory for businesses with employees to have employers’ insurance and those with vehicles to have auto insurance. However, SMEs are still struggling to recover losses without insurance payments, Allianz said. Even for business owners who have a policy, the amount of compensation they can receive depends on the amount of cover they have purchased.

The results also showed that between April 2021 by 2022, the majority of SMEs have changed their approach, 19% increasing the number of products they offer. In addition, 16% changed the type of their products or services, and another 16% returned to the office or shop.

Only 41% changed their insurance to accommodate the changes, while the majority (52%) did not. This is in contrast to the lockdown in 2021, which saw 20% of SMEs working remotely, 17% reducing their supply, and 15% reducing staff. 48% have changed their insurance cover to reflect these changes, but only 41% have done so this year. This includes traditional and real business corporate insurance process.

“Many SMEs reduced their coverage during the shutdown, but the interesting thing is that many chose not to increase it when business resumed,” he says. Dean Lamingdirector of Brisco Business Insurance.

“What that means is that they are at risk of being insured if they don’t change the way they pay for epidemics, stocks, and benefits, which won’t be good in the long run. If they need to claim but the amount of money they earn doesn’t match what they’re doing, they could be shooting themselves if they want to get compensation.” tears.”

Small and medium-sized businesses make up 99.9% of the 5.6 million businesses in the economy. UK, making it a small matter. Allianz found that business disruption was the top priority for SMEs in 2021, with only 17% of respondents seeing it as the biggest threat this year, due to falling costs (33%), cash flow (29%), and competition (27 %). .

In addition, the survey found that SMEs tend to be overly optimistic about how long it will take them to recover from unforeseen events, with 69% believing their business will return to normal within 12 months if their property is destroyed by fire.

However, two years is the exact period of time to return to the damaged property before the work involved is considered, such as cleaning the site, repairing, replacing equipment, rehabilitating employees, restoring customers, dealing with environmental hazards, and obtaining a planning permit.

Laming emphasizes the importance of ensuring that SMEs are fully compensated against legal costs and compensation, including property damage, employee injuries, and more:

“As a general rule, the payback period for business disruption should be two years for SMEs to be able to recalculate the rebuilding of suppliers and customers,” says Laming. “When the activity resumes after the return period, the amount insured may change for your business and its contents, so you need to review your limits.”

Brisco Business Insurance they now have an insurance platform for SMEs to compare company policies from the top insurance companies, providing financing for more than 1,500 businesses in seven categories: homeowner’s insurance, shop insurance, office insurance, surgical insurance, pub insurance , restaurant insurance, and commercial insurance.

Every business has its own risks, whereas a plumber has different risks than a shop owner or builder, so it is important to get the cover for each company.

“Our goal is to help people all over the world UK to find the right insurance for them, which means getting it at the right rate with less hassle. That’s why we’ve created our word processing tool to help SMEs look at the complete package in a very simple way. “

The insurance business offers SMEs a package that covers all aspects of business, including financial insurancelabor insurance, material indemnity insurance, and professional indemnity insurance.

To find out more about what Brisco Business Insurance can provide small and medium enterprises, go .

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Brisco Business Insurance
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London SM1 1JB
United Kingdom

0208 655 3125

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Source: Brisco Business Insurance