Mike Dickinson at Russell Scanlan, is advising companies to stay on top of potential risks to their business and take the necessary cover to manage and protect their operations.
He said: “Insurance is often seen as a ‘grudge’ purchase. Many businesses understand the peace of mind insurance protection brings but those who don’t get cover are exposing their businesses to the extent it could push some over the financial edge.”
The SME sector makes up a large proportion of the local economy with an estimated 350,000 in the East Midlands (source: BIS Business Population Statistics 2015). However, due to their size they face a disproportionate burden of cost. Given their importance to the economy in terms of job and wealth creation, Mike Dickinson is urging SMEs to ensure they have the correct insurance cover.
“No one likes to pay more than they have to for insurance. However, cutting corners or a lack of awareness will be no defence if they are on the receiving end of a liability claim, and it is likely to be much more costly than the original cost of insurance.”
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