Back in 2022, it was surveyed that 44% of UK SMEs didn’t have any insurance plans, meaning that a whopping 2.4 million businesses were operating without insurance in the UK.
Through these findings it is clear, that companies can naively sidestep business liability insurance for all types of reason’s, some for which they may not even realise is a legal requirement!
They might be a:
- New startup business who are just finding their feet
- Business which doesn’t know which policies it needs to protect itself
- Company who are now recruiting employees for the first time
- Business which had policies previously, but they have now lapsed
- A company which has diversified into new markets
- A business which has bought fleet vehicles for the first time
- A company which has moved premises.
Businesses are constantly evolving and so too does the need to protect employees, assets, equipment, stock and premises – especially when an important development occurs within the company.
Reviewing your current insurance plans
Protecting your business is essential and so this spring season, JRW Risk Solutions are encouraging all West Midlands companies to dig out your insurance paperwork and check that you have the correct policies in place, to meet the needs of your business at this moment in time.
Check for any recent adaptions to the business and that your present circumstances are covered by the current policy and double check that you are not under-insuring the business. By ‘under-insuring’, we mean to review the value of the company and then determine that if an unforeseen incident were to occur, following which you had to replace everything from re-building the premises to replacing equipment and stock, that you have enough financial cover in place, considering the current cost of materials and rising labour costs.
To find out more about how we can help you to understand how well your insurance plans are performing in terms of your present circumstances, please contact our team at JRW Risk Solutions.