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Trade association welcomes Home Office ‘back-to-basics’ retail crime promise

13 Sep 2023

The recent pledge by police forces across England and Wales to pursue every lead that holds a reasonable chance of apprehending criminals and solving crimes has been welcomed by Bira, which... Read more…

Hidden basement bar in Liverpool named 'best vegan restaurant' in Britain

12 Sep 2023

A family-run Liverpool restaurant hidden inside a basement is officially Britain's best vegan venue.
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Shoplifters working in organised groups targeting shops with co-ordinated raids

11 Sep 2023

A warning has been issued that shoplifters in the UK are becoming increasingly “emboldened” and appear to be often orchestrated by organised criminal groups, which steal to order,... Read more…

Shops urged to prepare for single-use plastics ban coming into force on 1 October

11 Sep 2023

It has been suggested that some shop owners may be unaware or unprepared for the upcoming change to regulations on single-use plastics on plates, bowls, trays, containers, cutlery and balloon... Read more…

National Lottery retailers urged to transfer retail agreement to new operator.

30 Aug 2023

Allwyn, incoming operator of The National Lottery, has urged independent National Lottery retailers to log on to its new online retailer portal via Read more…

Retailers sceptical about Home Secretary’s call for ‘every theft’ to be investigated.

30 Aug 2023

Shop owners have expressed scepticism that the Home Secretary's recent call for every theft to be investigated by the police will come to fruition, suggesting that police resources are already... Read more…

Consumer confidence shows ‘renewed optimism’ against falling core inflation

29 Aug 2023

Consumer confidence is showing “renewed optimism” against a backdrop of falling core inflation, new figures suggest.
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Coventry shop owners launch street market to bring more people into the area

29 Aug 2023

Shop owners in a part of Coventry have rallied together to launch a street market, with hopes of boosting the number of people that visit the area.
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Indies drinks retailers short-changed in government duty consultation

16 Aug 2023

Independent quality drinks retailers were woefully underrepresented among those consulted by government over the duty changes now hitting businesses, it has been claimed, after industry magazine... Read more…

Online bookshop hits £3 million for independent sellers

16 Aug 2023

Online bookshop Bookshop.org has reached its target of raising £3 million in profit for independent booksellers in its fight for them to “thrive in the world of ecommerce”.
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Over 160,000 SMEs without mandatory employers’ liability insurance risk fines and prosecution

Posted on in Business News

liabilityMore than 160,000 small businesses in the UK with between one and nine employees will not have employer’s liability insurance by the end of the year, according to new research from Smart Money People.

The UK’s dedicated financial services review site warns that employers’ liability insurance is a legal requirement for all businesses that employ staff. It enables businesses to meet legal costs and compensation should an employee’s injury or illness be because of their work. Without it, small businesses risk fines from the Health & Safety Executive (HSE) of up to £2,500 for each day they are uninsured, and potential prosecution in the event of an incident.

Although there are some exemptions (such as employing family members), Smart Money People’s CEO, Jacqueline Dewey said: “In most cases, employers’ liability insurance is a must.

“We realise that some small businesses, particularly those at the smaller end of the scale, might understandably be trying to save money at present. However, this is one of those cases where insurance is non-negotiable.”

Smart Money People also analysed which small business insurances are set to have the highest growth rates in 2023.

Directors’ and officers’ liability insurance policy is likely to see the biggest net increase at 17%, followed by stock insurance (16%), and then key person insurance and legal protection insurance (15%).

The biggest growth area for directors’ and officers’ liability insurance is amongst small businesses with 10-49 employees. This reflects these growing and ambitious businesses’ cognisance of protecting their directors, partners and officers as their enterprise grows.

Although all SME business insurances are set to grow this year, the research found that those who are stopping their policy or reducing their cover have significant concerns:

  • 65% are worried about being unable to access the additional support embedded within insurance policies.
  • 52% are concerned about the financial aspect of being uninsured and not being able to claim or having to find the funds themselves.
  • 27% feel they may be unable to pitch for or undertake certain types of work, potentially risking the future growth of their business.

ActSmart has worked with insurance specialists Butterworth Spengler for over 30 years to provide the ideal insurance solution. For more information, click here: https://www.actsmart.biz/services/reduce-overheads/business-insurance/

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