Price is the deciding factor for businesses when it comes to buying business insurance, according to new research.
Findings from a study by Bright Grey revealed that 85 per cent of businesses base the decision of which insurance provider to go with on cost.
The quality of the service and the features of products are the next most and equally important factors in influencing a decision on evaluating providers' propositions.
Roger Edwards, proposition director at Bright Grey, said: "In the current climate especially, it doesn't come as any surprise that the majority of advisers place their business based on competitive premiums, but it's vital that other factors aren't overlooked and consideration is given to the product as a whole."
He added that the best kind of business insurance includes a range of different elements.
Meanwhile, research from the RSA (formerly known as the Royal Sun Alliance) reveals that one in ten small-to-medium business enterprises (SMEs) cannot afford to operate.
The research revealed that seven per cent of SME employers would risk reducing their insurance cover to save money in the short-term.
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