Sheffield chartered broker IFM is urging local small firms to ensure they have proper insurance in place to ensure their business stays on track.

This follows research by insurer AXA which revealed only 26% of small business owners surveyed in the UK said they have business insurance, highlighting the vulnerability of smaller firms in the country. The survey polled 500 small business (defined as having fewer than nine employees) owners in the UK.

The survey also found that 40% have additional personal savings to protect them in case their business gets into financial difficulty, while 24% said they would ask family for money and 11% would ask friends.

Alister Smith, a Director of IFM Insurance said: “ It’s a really challenging time for many small firms as they come out of Covid only to be confronted with rising inflation and its knock on affects.  However without proper protection a potentially successful business could fall by the wayside if confronted by an expensive claim.  Basic insurance is available for small firms which will ensure it trades safely and with the comfort that it is protected should the unexpected happen.”