Cowen SC raise doubts over price comparison sites
Business continuity experts at Cowens Survival Capability have raised doubts regarding the usage of the internet as a means of searching for insurance by SMEs in the Midlands.
Cowen SC works to cut risk, by auditing a business and then prescribing the necessary insurance coverage.
However, Cowen SC has found that a large number of SMEs are utilising price comparison websites and focusing on cost, instead of emphasising the importance of appropriate coverage.
Grant Scott, of Cowen, has said it is common to find a first time client using the internet for advice despite the fact that, however helpful a website, it cannot know the ins and outs of a business and the particular risks it is susceptible to.
It is vitally important for firms to have correct insurance, as research from Cowen suggests that two thirds of firms that suffer a major insurance claim will go broke within two years.
Category: Insurance News
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