SMEs cut back on insurance spend amid Covid-19 financial struggles
Research from Premium Credit shows over half of SMEs have stopped paying for covers including employers' liability and professional indemnity as well as business interruption.
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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