16 Oct 2007


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First business insurance comparison website dedicated to small firms

Source : British Gas Business
Three quarters of the UK's small businesses are breaking the law and risking crippling fines of up to £2,500 a day - simply because they do not have the right insurance.

The research reveals that millions of small firms do not have compulsory Employers' Liability Cover in place, a policy that UK bosses are legally obliged to have - even for voluntary members of staff.

Furthermore, over half of UK small businesses are under-insured for the commercial activity they undertake, leaving them exposed to financial losses and lawsuits, which could place their businesses' future at risk.

"The recent summer floods have resulted in £3 billion of claims from 50,000 businesses - many of them smaller businesses," comments Neale Phillips, Head of Insurance, British Gas Business.

"Events such as these can interrupt trade for weeks but inadequate insurance could spell the end of any small organisation. The financial implications of not having compulsory policies in place are also astronomical. I urge all small firms to check their insurance requirements today."

Research reveals that over half of all small firms want to purchase their business insurance over the internet but until now there has not been a bespoke service that meets their diverse requirements and only 15% of SMEs currently buy online.

In response to this growing frustration among SMEs at the lack of flexible insurance solutions, British Gas Business has launched the first dedicated online business insurance comparison service for small firms: Insurance-for-Business.

"Unlike the personal insurance market, where internet searching has been truly embraced as it keeps the customer firmly in control, this simply hasn't happened in the business insurance market," comments Neale Phillips, Head of Insurance, British Gas Business. "Until now, small firms have been reliant on finding and trusting a reliable broker but the high levels of under-insurance indicate that this traditional model alone is no longer viable.

"Brokers don't have the capacity to shop around on behalf of their smaller customers and are very often less focused on the smaller end of the market. A dedicated online business insurance comparison service will put small business back in control of their policy requirements, while giving them the bespoke support that they deserve."

www.insurance-for-business.co.uk, provides a fast, easy route to a wide choice of business insurance from the UK's most trusted insurers including AXA, Zurich and Norwich Union.

The service offers outstanding instant cover for public and employers' liability, professional indemnity and more at the click of a button. British Gas Business will also automatically carry out the same search at the point of renewal saving small businesses valuable time and giving them the peace of mind they deserve.

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