Small businesses in the UK are facing an uphill battle to secure insurance coverage and handle rising premiums, according to a new report from the Federation of Small Businesses (FSB).
The report, based on a survey of 819 small business owners in January this year, found that 16% of respondents have experienced a premium increase of more than 25% over the past 12 months, while around one quarter (24%) said that this has caused them to assess and/or reduce expenditures. Over half (52%) SMEs that reported increased premium costs said that the rise is 11% or greater, while some individual businesses have seen cost rises "far in excess of that - particularly following a claim," the report found. Just over one in ten (11%) of SMEs reported making an insurance claim over ...
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