Small firms overlook liability insurance
A business focused firm has stated that the 'majority' of small and medium companies in Great Britain do not have satisfactory public liability insurance.
A study showed that many enterprises are overlooking a variety of insurance policies and are therefore putting themselves at risk.
Rosie Beasley, a spokesperson for the firm said: "When starting a business, particularly if you are starting in a new industry or profession, insurance is the one of the easiest things to forget.
"The extra burden of cost an insurance policy puts on a business can be off-putting, and it can seem unnecessary in the early stages."
She urged that such insurance is vital to the successful running of a company, because compensation claims can "seriously cripple or ever close down" a small or medium sized firm, if negligence is proved.
She commented: "Public liability insurance is the type of cover that would protect against these sorts of incidents. If you work in a high risk environment or with tools, it is also useful to take out personal accident insurance on top of your business cover."
Updated on 21/08/2009