Be wary of cutting back on insurance for business, BIBA warns
Commercial insurance
19th May 2009
Firms looking to save money during the recession by cutting back on insurance for business are being urged to consider their options carefully before making a decision.
Whether they are looking to cut back on insurance itself or other areas, they should first talk to their insurance broker, suggests Eric Galbraith, chief executive of the British Insurance Brokers Association (BIBA).
He points out that discussing insurance for business options with a broker can ensure the product is working correctly and will continue to do so, reminding business owners that any cost-cutting measure can have an immediate impact on the firm.
"What the broker can do is tailor a programme that suits your needs," Mr Galbraith added, reminding those looking for insurance for business not just to go for the cheapest option but instead take time to ensure they get the right cover.
Research from BIBA shows that nearly half of commercial cover clients are reducing their insurance amid the recession.
Products that have been most affected include commercial combines and commercial liability insurance.
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