Escalating Costs of Business Public Liability Insurance
Small businesses are may be paying as much as 40% of turnover on business liability insurance. In fact, some haven't been able to get a quote at all.
Business Public Liability insurance was once a routine part of running a business is now turning into a make-or-break cost for some. Premiums have risen sharply in the past couple of years as a combined result of the compensation culture and global terrorism.
Tree Surgeon faces closure due to business liability insurance premiums
"I've had five or six quotations and they're all around £3,000 - 4,000," says Neil. He already pays £2,000 to insure his truck for work and has to spend money to ensure his chainsaw and other equipment meets safety standards. "It's coming pretty much up to 40% of my annual income and it's not viable for me to do it - I can't afford to do it," he says. "I'm getting so frustrated because the government are trying to encourage young people to start their own businesses but I just feel I've got Mount Everest to climb."
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Business can save on liability Insurance costs
- Shop around - liability insurance including Public, Employee and Product liability can be compared and quoted online
- Combine your liability insurance with other business insurance can result in major savings
- Adding a voluntary excess to your liability insurance policy will reduce your premiums
Business Public liability Insurance compared and quoted online in minutes