Norwich Union finds most businesses think insurance is vital

11 May 2005
The majority of small business owners in the UK think that insurance is vital to a successful business, according to new research from Norwich Union.

The insurer found that three-quarters of the companies interviewed considered business insurance essential, but many were concerned about its availability or unsure about its future.

Price and availability of cover was an issue for 45 per cent of bosses, with 40 per cent expecting premiums to up annually, Norwich Union found.

Quality was more important than cost, however, for the 66 per cent who said they did not want to lose out on certain benefits in order to obtain the cheapest cover.

Only 15 per cent said that they bought the cheapest insurance they could find - that leaves 85 per cent well aware that you get what you pay for with business insurance.

Debbie Heaney of Norwich Union said that the insurance industry should keep businesses informed of changes in legislation.

"By providing the latest updates on legal and health and safety issues, we can really add value as an industry," Ms Heaney said.

Click here to find out more about business insurance.

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