SMEs lax on liability insurance
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.”