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BIBA urges businesses to avoid under-insurance following the Brexit effect

Tue 22nd Nov 16

The British Insurance Broker's, Association (BIBA) has launched a guide to help small businesses avoid under-insurance.

The guide is published at a time when businesses are potentially more vulnerable to the risks of under-insurance as a result of uncertainty in the run up to Brexit leading to a fall in the value of the pound. This currency fluctuation may make it more expensive to import goods such as replacement equipment, plant or machinery.

This is an additional concern given that the guide was initially produced following findings of an alarming degree of under-insurance‚ by the Financial Conduct Authority (FCA). The guide aims to help businesses buy the right level of cover to protect them against loss or damage to their property and injury to employees or someone else caused by their business. Read the Guide here

If you are concerned about under-insurance please contact your account handler or give us a call on 01473 343491 or email us at commercial@ryans.co.uk