News

SMEs lax on liability insurance

Posted at October 8, 2013 | Categories : News

New research from LV= claims that over 350,000 of the UK’s small businesses that employ staff have no employers’ liability insurance in place.

In doing so, they risk being fined £2,500 a day by the Health and Safety Executive and could find themselves heavily out of pocket should one of their staff make a claim against them.

The picture is also bleak when it comes to public liability insurance with over one in 20 SMEs operating without cover.

Mike Crane, LV= Broker commercial lines director, comments: “This research shows that thousands of small businesses are leaving themselves vulnerable to financial ruin by not taking out appropriate insurance cover, particularly those employing staff.”