AXA warns against cutting insurance costs
AXA Insurance, in association with the British Chambers of Commerce (BCC), has commissioned research which reveals that over 500,000 people are uninsured in their place of work.
In addition, only 34% of businesses are aware of the legal necessity to cover their employees with employers’ liability insurance.
From this sub-optimal starting point many businesses are also looking at reducing insurance as the recession continues to take its toll, with three in 20 contemplating reducing coverage and one in 20 having done it already.
AXA has warned against this red herring saving scheme, pointing out that almost half (48%) of businesses have less than £10,000 of disposable cash rendering a business dangerously exposed, particularly as one in nine will make a claim in any given year.
The news follows figures from the Motor Insurance Bureau (MIB) which reveals that one in ten young drivers are unaware of the need for insurance, and one in five are taking to the road without the required coverage.
Category: Axa Insurance News, Insurance News
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