28 Apr Cheaper Business Insurance to Help SMEs Stay Afloat

According to research from independent advisory firm Quantuma, the current economic storm could see small and medium sized business insolvencies increase by 21% in 2022 from the figure posted in 2021.

The firm suggests that around 6,500 SMEs are now at ‘higher-than-average’ risk of insolvency and cites rising costs and taxes, Covid-19-related staff shortages, and the ramifications of Brexit as the major drivers of this risk.

Rising costs can be crippling

While costs are rising for almost everything business-related, the vicious circle that economic difficulty perpetuates is an expanding one, and means other businesses who are struggling will create more difficulties such as by paying late or defaulting completely or increasing estimates as the cost of materials and wages increase.

It’s a difficult situation for everyone.

One way businesses can keep their own costs down, and their chances of surviving the current downturn, is to look at hard at their own expenses.

Business insurance may seem like one area you could cut down on, but this is potentially risky action and perhaps some of those firms which have gone bust did so because they did not have the cover in place to protect them from a claim made against them.

Shop around, buy from experts, and get tailored cover

To get cheaper business insurance you might have to shop around, make some phone calls and speak to people who can help you get the best, most cost-effective business insurance package for your needs. But the time spent doing this could be invaluable in the long-run.

At Tredstone Risks, we are powered by City Insurance and we specialise in helping SMEs to get the most appropriate cover for their individual business models. This means we will search a panel of insurers to find the cheapest public liability insurance, employer’s liability insurance and other types of cover that you need. Effectively, we do the shopping around for you.

We won’t try to sell you anything you don’t need, but we will talk you through everything that might be important to your business, such as personal accident cover, professional indemnity insurance, tools and equipment cover, legal expenses cover and more.

If you employ more than 10 people you will need our bespoke insurance broking service which covers most types of firms, including building, construction and contractor firms, as well as clerical, manual and professional firms who need complete insurance solutions.

Find your business insurance solution today with Tredstone

Business insurance could help you keep your business afloat if the worst happens.

Contact Tredstone Risks today to see if we can help you find cheaper business insurance.