Rules and regulations have led to dramatically increased risks for the UK’s 4.5 million small businesses.  That was the feedback from 62 per cent of SME owners, according to research by Coverzones, which polled the views of 504 small business owners.

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Review sites, Yelp.com and Yelp.co.uk have announced plans to allow business owners to respond to negative comments on the site.

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Are you investigating business insurance for your small business? This video from Insurantz.com gives you a helpful and straightforward run down of all important points to consider when searching for small business insurance policies. It includes concise explanations of mandatory policies such as employers liability insurance and central options to consider such as public liability insurance and business contents insurance.

Insurantz.com are specialists in tailored commercial and small business insurance solutions, so whatever business you are in, they can help you find the right insurance policy for your individual business needs first time.

Looks like the recession is having a major impact on the insurance business, by increasing the amount of fraudulent insurance claims.  The Association of British Insurers (ABI) recently announced stats that show as many as 2,000 dishonest insurance claims are made every week, carrying a price tag of roughly 14 million pounds.  This new rate is an increase of roughly 17% when compared to 2007. 

What segment of insurance do you think logs the most fraudulent claims?  If you guessed home insurance, you are correct.  In 2008, nearly 55,000 false home owner claims were logged.  That said, the most expensive dishonest claims were from car insurance policyholders.  The daring auto owners tried to claim 360 million pounds of fraudulent damages.

Excluding life insurance, the ABI reported that 4% of all claims in 2008 were fraudulent.  This data represents a 1% increase over a year earlier. 

The question here is, does this surprise anyone?  If the people trying to defraud the insurance companies see this practice as a way to make a quick buck, why wouldn’t this practice increase during a recession? 

Many people believe that insurance fraud is a victimless crime, but that is far from the case.  In the U.K., fraudulent insurance claims cost the insurance industry more than 1.6 billion pounds a year (with 42% of those caught noting that their policy was too high, justifying the fraud) and may add as much as 5% to every policyholder’s premiums.  The FBI reports that the total cost of insurance fraud is “estimated to be more than $40 billion per year,” translating to between $400 and $700 for each U.S. family. 

According to the Coalition Against Insurance Fraud, the largest type of insurance fraud in the U.S. was medical, with business insurance fraud falling low on the list.  However, of the classifications of business insurance fraud in the study, arson was the greatest.  

When someone argues with you that insurance fraud is a victimless crime, make sure to ask them if their insurance premiums have gone up.  If that is the case, then they have been a victim of insurance fraud – and one of the oldest misconceptions in the insurance industry.

Ever since Sarah Kennedy coined the phrase on BBC Radio 2, the ‘white van man’ has been a victim of savage stereotyping; one would assume that they need van insurance more than any other driver!

Common opinion dictates that they are the belligerent bullies of the road with little or no regard for the road system and the other drivers that use it. This might lead you to believe that they cause more accidents than any drivers but this couldn’t be further from the truth. The truth is that they make 7-10% less claims than other drivers. Furthermore, 1 in 5 van drivers have an advanced driving qualification which is a far higher number than other road users.
Contrary to the myth they are, statistically speaking, the safest group of road users!

This is reflected in the price of van insurance policies available to the consumer today with numerous insurers quoting lower premiums for van drivers. Furthermore, businesses can expect to receive bulk discounts for fleets of vehicles and/or commercial drivers.

As with any kind of insurance, the policies offered can vary considerably so it’s very important to understand what cover is needed and what cover is being provided. It is also important to remember that price should not be the sole factor when making a decision about insurance. There is no point taking a very cheap insurance quote if you’re eventually going to claim for something you’re not covered for.

There are numerous insurers that offer online van insurance making it easier to get (and update) full details of your policy. It is quick and it’s easy and furthermore it means you’re not restricted by dealing with your insurer solely during business hours. Just ensure to check that there are no hidden extras and your policy includes everything you need!