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Research by Lloyds TSB Insurance found that an estimated one million small firms - representing over a quarter of the nation's small business population - are at serious risk because they lack adequate business cover.
According to Phil Loney, managing director of the provider, this is a worrying finding as £1.2 billion-worth of productivity is estimated to be lost during the Christmas shutdown.
"It is important that SMEs plan for the Christmas shutdown by considering the risks their business faces and the impact these can have on trading," he remarked.
"We strongly advise business owners to consider business interruption insurance to cover any loss of revenue should they be forced to suspend trading."
Mr Loney recommended that bosses re-think the security of their premises and any company vehicle, seeking out extra security measures to minimise risks if necessary.
Business insurance experts have previously underlined that the installation of security technology such as alarms can lead to cheaper premiums.
Quantum Risk Management is a leading Health and Safety Consultancy
Lloyds offers festive insurance tips
As the festive season approaches, the UK's small and medium-sized enterprises (SMEs) have been advised to take stock of its impact on their bottom line.Research by Lloyds TSB Insurance found that an estimated one million small firms - representing over a quarter of the nation's small business population - are at serious risk because they lack adequate business cover.
According to Phil Loney, managing director of the provider, this is a worrying finding as £1.2 billion-worth of productivity is estimated to be lost during the Christmas shutdown.
"It is important that SMEs plan for the Christmas shutdown by considering the risks their business faces and the impact these can have on trading," he remarked.
"We strongly advise business owners to consider business interruption insurance to cover any loss of revenue should they be forced to suspend trading."
Mr Loney recommended that bosses re-think the security of their premises and any company vehicle, seeking out extra security measures to minimise risks if necessary.
Business insurance experts have previously underlined that the installation of security technology such as alarms can lead to cheaper premiums.
Quantum Risk Management is a leading Health and Safety Consultancy
Posted on 11/12/2007
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0845 6780076
0845 6780076