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Van Insurance costs worry businesses

Thu, 26 May 2005

Almost half of businesses are concerned over rising insurance costs, especially polices which cover commercial vehicles such as vans.

Research conducted by Norwich Union discovered that 45 per cent of firms feel the price of insurance is a major worry and over 40 per cent are predicting that premiums are set to rise in the future.

Around 75 per cent of firms agreed that insurance was an essential business expensive, although 15 per cent of respondents did admit that they would not purchase insurance if it was not a legal requirement.

The study also showed that many businesses avoided purchasing the cheapest insurance cover because they feel they would lose out on a number of benefits associated with more expensive cover.

Debbie Heaney, of Norwich Union, said that brokers could help to improve and possibly lower firms' insurance cover by providing information on new legislation.

"For insurers and particularly brokers, this can provide a key opportunity to position themselves as risk advisers as well as salespeople," said Debbie Heaney, of Norwich Union.

"By providing the latest updates on legal and health and safety issues, we can really add value as an industry."

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Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.