Underinsurance ‘endemic’ in small business

Underinsurance ‘endemic’ in small business

A survey of small businesses has revealed high levels of underinsurance, with 77% holding no business interruption cover and 60% lacking burglary cover.

IAG subsidiary WFI commissioned the Cameron Research Group to poll 250 Sydney companies.

“Underinsurance is endemic in small businesses in general, leaving them vulnerable to risks,” WFI GM John Ripepi said.

“The research found one factor for inadequate insurance is a lack of awareness about what type of cover is available.”

About 39% of respondents have no business liability cover and 56% lack personal accident cover.

WFI recently opened a Sydney metro office due to the high number of SMEs operating in the area.

“Sydney has the largest number of SMEs in Australia, so we believe increasing our presence here will help those businesses thrive,” Mr Ripepi said.

 

Source: insuranceNEWS.com.au

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