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Don’t risk risk – it’s not worth it

Published: 01/11/13

Don’t risk risk – it’s not worth it

Under insurance is something that we discuss frequently within this newsletter because of the specific danger it poses to businesses, however recent research from insurance firm LV shows that this is not the only issue.

Their research indicates a worrying lack of insurance either at all or in key areas such as employers’ liability. As all business owners must know – employers’ liability is a legal requirement; failure to have it place risks a fine of £2500 per day for those caught out.

LV tells us:

  • One in 20 UK small businesses; equivalent to 230,000 companies has no insurance cover in place at all
  • Over 350,000 businesses who employ staff have no employers’ liability insurance
  • 6 per cent of SMEs did not have public liability insurance
  • just 60 per cent of small businesses have business interruption cover

 

Trading without insurance, whether SME or even sole trader means that you put yourself, any employees/contractors, members of the public and your livelihood at risk every day.

The LV research included some claims data and found an increase in employer liability as more employees bring these claims. They believe this may be due to the UK’s growing compensation culture, combined with the tough economic climate.

And whilst some firms are choosing not to include business interruption – for those who have needed to claim on it - the average cost of these claims increased by 9 per cent In 2014.

Our message is simple – talk to a reputable insurance broker like Flint and find the best insurance solution for you and your business.

It makes no difference on the size of your company or turnover – get professional advice.

Case Study – small businesses can still create difficult claims
Problems can happen at any time and a lady has come to us with the following issue:

She successfully runs various fitness classes from a professional gym and so employs a number of trainers on a sub-contract basis in order to do this. She has had her own insurance for many years and was under the impression that the gym also had it in place.

However - she has recently received a letter from a student in one the classes, who had injured themselves and blamed the floor which they were training on.

The owners of the gym/studio have directed the claim to the trainer, who in turn has pushed it into the direction of the lady who puts together the classes.

As is usually the case solicitors are now involved, with letters being sent to and fro and questions being asked about contractual agreements between the business owner, the sub-contracting trainer and the owners of the gym. Understandably this lady now feels completely intimidated and extremely stressed, whilst still trying to maintain her livelihood and deal with this dreadful problem.

The moral of the story is that even well established businesses, which have run smoothly for many years can experience difficulties; seemingly small issues can soon turn into large and difficult claims and every business needs the right advice – up front – before problems arise.

And if problems do occur, you have a trusted third party to help you deal with them – that is what insurance brokers do.

Any member of our commercial team will be happy to help you with your business insurance, call them on 0845 371 1452.

 

 

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