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According to Neale Phillips, head of insurance for British Gas Business, research suggests that three-quarters of small firms in the UK are under-insured, thereby risking fines of up to £2,500 from health and safety officials.
He went on to point out that "millions" of smaller enterprises lack compulsory employers' liability cover, which UK bosses are legally obliged to have.
"In addition, over half of UK small businesses are under-insured for the commercial activity they undertake, leaving them exposed to financial losses and lawsuits which could place their businesses' future at risk," he told Buildingtalk magazine.
Possible reasons cited for the lack include the fact that many employers are simply not aware of the cover they should have, or are unsure about how to get the best insurance for their needs.
Solicitors Thring, Townsend Lee and Pembertons recently emphasised that although small firms must "scrape together every penny" from their ventures, it is important to factor in the costs of insurance early on.
Quantum Risk Management is a leading Health and Safety consultant
Lacking insurance 'puts a firm's future at risk'
Small businesses have been reminded of the importance of having the right insurance in place.According to Neale Phillips, head of insurance for British Gas Business, research suggests that three-quarters of small firms in the UK are under-insured, thereby risking fines of up to £2,500 from health and safety officials.
He went on to point out that "millions" of smaller enterprises lack compulsory employers' liability cover, which UK bosses are legally obliged to have.
"In addition, over half of UK small businesses are under-insured for the commercial activity they undertake, leaving them exposed to financial losses and lawsuits which could place their businesses' future at risk," he told Buildingtalk magazine.
Possible reasons cited for the lack include the fact that many employers are simply not aware of the cover they should have, or are unsure about how to get the best insurance for their needs.
Solicitors Thring, Townsend Lee and Pembertons recently emphasised that although small firms must "scrape together every penny" from their ventures, it is important to factor in the costs of insurance early on.
Quantum Risk Management is a leading Health and Safety consultant
Posted on 14/02/2008
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0845 6780076
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