Credit Crunch Leads To Businesses Taking Risks With Customers And Staff

PRLog (Press Release) - Oct 20, 2008 -
A survey carried out by Insurantz of businesses employing up to 50 people, revealed that nearly half of home-workers are uninsured. More worryingly the survey also revealed that nearly a third of businesses were unaware that they could face legal action for not having statutory Employers Liability Insurance in place to cover temporary workers and sub-contractors. Business owners and directors face fines of up to £2,500 per day or even imprisonment for not having Employers Liability Insurance in place at all times.

Public liability insurance protects businesses against the financial risk of legal liability to third parties for death or injury, loss or damage to property. Claims from members of the public can be costly, according to Canterbury City Council the average cost for a settled claim for the city authority is now over £3,500.

It not only Employers and Public Liability Insurance(http://www.peacockinsurance.co.uk/liability-insurance.aspx ) that needs to be in place, over the past two summers rain storms have devastated businesses in the south-west of England, the Midlands, Yorkshire and Humberside. According to the Financial Times (July 2007) a week after the floods in Yorkshire almost 7,000 businesses submitted insurance claims averaging £100,000 each. Along with the physical damage to shops, offices, factories and other business premises from flooding, the cost of being unable to trade, often for several weeks, while cleaning up could run into £1,000’s of pounds.

Until recently businesses have relied on finding a local high street broker to arrange business insurance, however the high levels of under-insurance especially within the micro and small business market suggests that this method alone is no longer viable.  
Recent online investment by Peacock Insurance now enables business owners to obtain quotes and buy all types of business insurance online in seconds at http://www.peacockinsurance.co.uk , so no more excuses for lack of insurance cover.