Insurance for business 'yet more important in credit crunch'
Commercial insurance
10th October 2008
The benefits of insurance for business could be even more vital during the credit crunch, according to one adviser.
Nick James of Nick-James.com, a consultancy set up to aid entrepreneurs, believes that while businesses should look to cut costs during the economic downturn, they should not look to cut corners.
With the possibility of lower income, firms need to give themselves the best chance of survival should the worst case scenario occur, he told the Wokingham Times.
"Don't put your livelihood at risk in the name of cost cutting - if you haven't already, seriously consider taking out business insurance," said Mr James.
He cited the example of flooding as being a seasonal risk which, combined with lower turnover, could ruin an enterprise.
Retailers and wholesalers who do not take out insurance for business could also find themselves in trouble should they be affected by fire, burglary or injuries sustained on their premises.
