SME underinsurance fears deepen
SMEs are increasingly worried about being underinsured as they cut back or cancel business insurance policies, but in a positive development, nearly one in three firms have started working with a broker in the past two years, and are starting to boost cover.
These were the findings of research by Premium Credit conducted across 1,000 SME owners and managers in March.
The premium finance provider’s Insurance Index monitors buying and payment patterns.
It found more than two out of five (42%) believed their level of underinsurance will increase in the year ahead, while 29% believed it will stay the same.
Just under a quarter (23%) said their business will not be underinsured in the year ahead, while 7% forecast their level of underinsurance will decrease
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