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Small business insurance costs set to rise

Just when those in the small-business market thought it could not get any worse the indications from the insurance market are for a sharp increase in premiums this year and next year. At a time when business has never been as bad, income for many has disintegrated and the financial woes of trading in a recession are catching up, an increase in insurance premiums will be the final straw.

Even though the UK insurance sector has not been exactly at the forefront of the news of late it is known that because of their substantial exposure to the UK stock market, they will have taken some rather heavy losses of late. Whether this justifies increasing premiums is another matter, but in order to accommodate a secure and reliable business the underlying insurance companies have a requirement for certain capital adequacy levels.

For those with a small business the requirement for insurance is vital as this can leave them open to not only losses on their property but potential claims against work which they may have carried out or advice they may have given. It will be interesting to see if the ongoing government crusade on behalf of small business sector continues into next year as and when insurance premiums start to rise.

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