Half of SME’s don’t have adequate insurance

Businesses, Uncategorized l

Safety coneEmployers’ liability cover is a legal requirement for all businesses and organisations who employ staff. It protects against claims by employee’s for injury or illness sustained while at work.

Recent research by AXA Business Insurance has discovered that half of businesses which should have employer’s liability insurance protection don’t have it in place.

Other key figures from the survey are:

– 75% don’t have personal accident cover

– 41% don’t have business insurance for their work vehicle

– Only 26% of people who run businesses from home have spoken to their home insurer about business cover

– Only 22% of home-run firms have insurance for business equipment such as laptops and mobile phones

– Only 19% of people who keep business tools at home have insurance for them.

Darrell Sansom, managing director of AXA Business Insurance, comments:

“Insurance may feel like one of the little bits of admin that you ought to sort out at some point but not having it can have big consequences. Claims for liability can run into millions of pounds and not having cover in place is putting you, your business, your employers, clients and others at risk.”

Don’t forget that insurance costs for your business are tax deductible!