In-depth - construction: Big problems for small businesses
SME construction firms are moving towards sourcing insurance online. Sam Barrett learns how, without guidance from brokers, they could be facing large claims that aren’t covered
Insurance buying habits have changed over the last few years, with more and more individuals and small businesses going online to find the cheapest premium. But, as a result of underinsurance or failure to take out the right cover, these financial savings can potentially cost a small construction business its livelihood.
“It’s a grudge purchase,” says Doug Barnett, director, mid-market and customer risk management at Axa. “The construction sector is under pressure so a smaller firm will look
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