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Business Insurance – Why you should not skimp on it

Are you about to skimp on your business insurance? Business owners who do might live to regret it if disaster does strike – and we have seen our share of disasters in the UK. Many business owners are struggling, and start-up operations often have very limited funds, but insurance is a key element in operating a financially sound business, so it’s important not to relegate it to the bottom of the priority list. Insurance works with other important elements to help keep your business out of financial difficulties.

Before you cut back on insurance – or worse, decide not to take out a policy – consider the huge risk that you are taking with your livelihood.

Manchester-based professional loss assessor Cherry and Griffiths says businesses which are looking to reducing their insurance premiums and therefore their cover are literally playing with fire. Without adequate cover in place, your business could lose significantly more capital in the event of a catastrophic incident such as a fire or flood than it would if you were to continue paying your monthly premiums. It could even threaten the survival of your business as many an uninsured business has gone under following water or fire damage.

Geoff Williams, director of Cherry and Griffiths, said: “Dealing with property insurance claims are tricky at the best of times but can bring further misery to business owners if the cover originally agreed doesn’t adequately compensate when disaster strikes. You can almost guarantee that the weeks or months following a decision to reduce your insurance cover will be the time when the unthinkable happens and you’re left to pick up the pieces of a destroyed business.

Cutting back on insurance protection should never be regarded as a viable option to save money in business – or domestic situations for that matter. Insurance provides you with the security and peace of mind that if the worst happened, you would be reimbursed for your losses. A business which chooses to take away this safety net is a business which is constantly looking over its shoulder”.

The most obvious example will always be that of the business that is affected by a natural disaster. When a business has adequate insurance and a disaster recovery plan in place it has a much better chance of re-opening for trade than a business that is completely unprepared.

Whether as a business you’re economising or not, it’s always wise to seek professional advice when taking out insurance to ensure your business is fully protected against every eventuality.

One reputable firm of Insurance Brokers in the North West are Buckland Harvester in Manchester.

Managing Director David Hudson commented on the issue of cost-cutting for businesses. David said: “We appreciate that many businesses are looking to save money on all sorts of expenditure at the moment. We would stress to them that they must look to have adequate protection for their property and at Buckland Harvester, we’d like to think we can provide them that at maybe a more suitable cost than they are presently paying”.

Please contact Buckland Harvester at

and Cherry and Griffiths, Loss Assessors at