Among the sole proprietorships and SME decision makers who took part in the survey, the main reason for not insuring their business was believing that their business was too small (47%). The second most common reason was teleworking (42%), followed by not having clients visiting the premises (34%) and not having much to insure e.g. B. no premises or vehicles (33%).
The results also showed that between
Only 41% swapped their insurance policies to better match their changing circumstances, while the majority (52%) did not. This contrasts with the lockdown trends of 2021, which saw 20% of SMBs working remotely, 17% reducing the products and services they offer and 15% downsizing. 48% changed their insurance coverage to reflect these changes, but only 41% did so this year. This includes both traditional business and specific agency insurance policies.
“Many SMBs reduced their coverage during the lockdown, but interestingly many chose not to increase it when business picked up again,” she says
“That means they risk becoming underinsured if they don’t adjust to pre-pandemic wage, inventory and profit levels, which isn’t a good idea in the long run. If they have claims to make but their coverage level doesn’t match their activity level, they could shoot themselves in the foot when it comes to getting compensation.”
Small and medium-sized companies make up 99.9% of the 5.6 million companies in Switzerland
Additionally, the survey found that SMEs tended to be overly optimistic about how long it would take them to recover from an unforeseen event, with 69% believing their operations would return to current levels within 12 months if their Property would be destroyed by fire.
However, two years is a more realistic timeframe to return to pre-damage levels, given the work involved, such as: and get a building permit.
Laming stresses the importance of ensuring SMEs are adequately protected against legal and indemnification costs, in addition to property damage, employee injuries and more:
“As a rule, the compensation period for business disruptions for SMEs should be two years in order to take account of the rebuilding of the supplier and customer base,” says Laming. “If activities resume after the indemnification period, the amounts insured for your business property and content may change, so you should review your insurance limits.”
Every trade has its own unique risks, with a plumber facing different risks than a shopkeeper or architect, so it’s important to get coverage that’s tailored to each industry.
“Our goal is to help people everywhere
The insurance broker offers SME packages that cover all aspects of the business, including public liability insurance, public liability insurance, product liability insurance and professional liability insurance.
To learn more about what
Brisco Business InsuranceChancery House, St Nicholas Way Sutton LondonSM1 1JB United Kingdom0208 655 3125 https://briscobusinessinsurance.co.uk/