SMEs cut back on insurance spend amid Covid-19 financial struggles

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More than half of SMEs have cut back on important insurance covers to reduce costs as they struggle financially due to Covid-19, according to new research from Premium Credit.

The study found that 51% of small and medium-sized firms had stopped paying for a number of business insurance covers, including employers’ liability, business property cover, professional indemnity and cyber.

Business interruption
According to the index, nearly one in five (19%) of SMEs had stopped paying for business

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