Sheffield Broker Urges Local Firms to check they are Properly Insured and not breaking the Law

14th July 2014

Sheffield broker IFM Insurance is urging local firms to check that they have the right insurance in place to ensure their business and livelihoods are protected.

  This follows latest research by insurer AXA Business that suggest that the majority of the 4.9 million SMEs in the UK are, probably unknowingly, operating without the insurance cover they need.  What's more over half a million are potentially breaking the law in the process. The research found that: over half (53 per cent) of those requiring Employers' Liability cover by law have failed to buy it forty three per cent of those meeting with the public/clients/suppliers neglect to protect themselves against any accidents/damage they may be responsible for more than fifty per cent (52 per cent) of those paid by clients for business advice fail to buy professional indemnity cover four in ten don't buy the insurance they need for using their car or van for their business Mark Barlow, Managing Director of IFM Insurance said, -This latest research highlights why it is important for companies to engage with a local broker to ensure they have the right protection in place.  Sadly many firms just don't realise that their existing insurance arrangement may be inadequate to respond to claim.  Worryingly this could be the difference between a business staying solvent or going out of business altogether.