Pandemic pushes SMEs to rely on credit to fund business insurance
Three out of four SME bosses who use credit to pay for insurance premiums have said that the impact of Covid-19 is the main reason for increased borrowing, Premium Credit finds.
New research from Premium Credit has showed that the coronavirus pandemic and the hardening market have pushed SMEs and corporates to borrow more in order to purchase business insurance, with owners most likely to rely on credit cards.
The premium finance provider’s nationwide study among SME owners and managers found that one in four firms are borrowing more than last year, the average additional credit coming to nearly £1,300.
The index also found that three out of four (73%) SME bosses who
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