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Small Business Strategy Inquiry 2025 - ACT and Bira call for members to share their voice

20 Jun 2025

The House of Commons Business and Trade Committee has asked the ACT, and its parent company Bira, to help them reach out to small business retailers across the country, for their quick input on... Read more…

Beyond the discount: Restoring integrity to the cycle supply chain

18 Jun 2025

The Association of Cycle Traders believes the time has come for greater accountability throughout our supply chain, writes ACT Director Jonathan Harrison in an article published for BikeBiz.
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Bira welcomes Wales' business rates proposals but calls for key improvements

11 Jun 2025

Bira has welcomed the Welsh Government's consultation on business rate reforms for retail shops, whilst calling for significant improvements to ensure the proposals truly support high street... Read more…

New awards launch to champion Britain's independent high street heroes

9 Jun 2025

Retailers on Britain's high streets are being encouraged to put themselves forward for the first-ever Love Your High Street Awards, designed to celebrate the small businesses that bring... Read more…

"Tectonic shift" in employment law threatens independent retailer viability, warns Bira podcast

6 Jun 2025

Independent retailers are facing a "generational" transformation of employment law that could fundamentally change how small businesses operate, according to the final episode of Bira's first... Read more…

Retailers hope warm weather and bank holidays will boost high street sales

16 May 2025

ACT parent company Bira has said that members are hopeful the warm weather, Easter weekend and upcoming bank holidays will provide a much-needed boost to high street sales.
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Economic growth surges to 0.7%, but "April reality check" looms for high street retailers

15 May 2025

UK economy delivers strongest quarterly performance in a year despite forecasts of business downturn.
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Communities come together for Local Bike Shop Day 2025 celebrations

13 May 2025

Local Bike Shop Day 2025 brought a wave of... Read more…

ACT parent company Bira welcomes Bank of England's latest interest rate cut

8 May 2025

ACT parent company Bira has welcomed the Bank of England's decision to reduce interest rates from 4.5% to 4.25%, calling it a "much-needed boost" for the retail sector, including for cycling... Read more…

ACT parent company Bira responds to Beales' "Rachel Reeves Closing Down Sale" as iconic store makes final protest

8 May 2025

ACT parent company Bira has responded to the news that the 144-year-old Beales department store is staging a "Rachel Reeves Closing Down Sale" in its final weeks of trading, with giant yellow... Read more…

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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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