UK SMEs struggling with insurance premiums: FSB

Only one in 10 have income protection

John Brazier
clock • 2 min read
UK SMEs struggling with insurance premiums: FSB

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 clai...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Truss weighs plans to merge top financial regulators - reports

Truss weighs plans to merge top financial regulators - reports

Financial regulation overhaul

Valeria Martinez
clock 18 August 2022 • 1 min read
Personal Finance Society appoints interim CEO

Personal Finance Society appoints interim CEO

Don MacIntyre to take up helm

Hemma Visavadia
clock 16 August 2022 • 1 min read
FCA 'disappointed' over product governance and fair value compliance failures

FCA 'disappointed' over product governance and fair value compliance failures

Regulator calls out inadequate response to Policy Statement 21/5

Hemma Visavadia
clock 12 August 2022 • 3 min read