23 Aug Two-Thirds of Insurance Start-Ups are Business Insurers
Two-Thirds of Insurance Start-Ups are Business Insurers
One of the most difficult aspects of business insurance is knowing how to discern the right cover from a mind-bogglingly diverse number of business insurers on the market. Of course, competition can only be of benefit to the business insurance consumer, but where there is choice there comes the added pressure of having to make the best decision.
Things have not always been this way. In fact, a recent survey by home, car and travel insurance company Policy Expert found that 68% of all insurers on the UK market were incorporated this century; this means that newer firms now outnumber older firms by more than two to one, while only 13% of insurers can trace their origins to before the 1990s – and just 60 of these have been trading for 100 years or more.
The proliferation of new and smaller firms can be confusing to business insurance customers who may find that they struggle with brand recognition and the ability to decode the offerings of the innumerable insurers operating across the market.
And competition only seems to be increasing; last year there were 504 new insurance company entries registered with Companies House, meaning that, on average, more than one business was registered a day.
The business insurance sector is proving the most popular to start-ups, with three in five new firms looking to offer some form of business insurance – for example, tradesman insurance, restaurant and hotels insurance or retail insurance.
“These findings show that exponential growth is making the UK insurance space more vibrant and competitive by the day – driven forwards by entrepreneurial ideas and tech-led innovation,” commented Adam Powell, Co-Founder and Chief Operating Officer of Policy Expert.
Tredstone – comprehensive protection meets stellar service
At Tredstone we understand that whether you are new, old, large or small, in order to thrive in a competitive business insurance climate, you have to offer a superior service and a superior product.
We are friendly, efficient, effective and can help you find the cover that will protect you and your business from your insurance risks.
Whether you are looking to update your cover or would like to talk about your ongoing commercial cover needs, we can help you consider your options.