26-10-2007
FSB offers business insurance insight
News by Adfero for Simply Business - independent providers of business insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
In an ideal world, small businesses would be insured against everything, according to a spokesperson at the Federation of Small Businesses (FSB).
Simon Briault states that business insurance measures such as risk management policies are "very important" for smaller firms.
However, he indicates that these type of companies have to take into account the amount of money and time they have at their disposal.
"It's up to [the individual businesses] to prioritise, but what they prioritise really depends on their own situation," suggests Mr Briault.
"They'd like to obviously make sure they cover everything but, in reality, that's just not possible because of the profit margins involved."
Small to medium-sized businesses deal with risk management and other business insurance issues in a "very different way" to larger enterprises, he adds.
Recent research from Experian Business Strategies and Harris Interactive found that 34 per cent of UK businesses are prepared for the loss of key customers, compared to the global average of 47 per cent.