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.

You might also be interested in

Local Businesses List Cleanliness, Safety and Retail As Their Top Priorities For Improvement in South Yorkshire’s Civic Centres

Mon 8th July 2024

Safety, cleanliness and the quality of retail have all been cited by South Yorkshire businesses as top priorities for their local urban cores. This is according to the recently-published findings of the Town and City Centre Survey.

BCC Quarterly Economic Survey: Business Confidence Continues To Tick Up in Q2

Mon 8th July 2024

The BCC’s Quarterly Economic Survey – the UK’s largest and longest-running independent business survey – shows measures of business confidence and business conditions slightly improved in Q2 2024, albeit from a very low base.

Bank Seeks Further Evidence Before Rate Cut

Mon 1st July 2024

David Bharier, Head of Research at the British Chambers of Commerce reacts to the Bank of England’s latest interest rate decision


Mon 1st July 2024

Director General of the BCC, Shevaun Haviland, has urged the next Government to stop treading on eggshells around trade with the EU if it wants to grow the UK economy.