Minister welcomes guidance on business insurance

Enterprise Minister Barry Gardiner has welcomed a new guide that offers practical advice to businesses on purchasing insurance cover.

The guide has been produced by the Department of Enterprise, Trade and Investment (DETI), in conjunction with the Association of British Insurers (ABI), the British Insurance Brokers Association (BIBA) and the Federation of Small Businesses.

Mr Gardiner said: “It is imperative businesses retain competitiveness by keeping their costs at a minimum. This leaflet is aimed at the busy manager or business owner and offers practical advice on purchasing insurance cover and contains a list of useful contacts."

Designed to help businesses minimise costs when purchasing insurance cover, the leaflet also explains what businesses can do to minimise potential claims frequency or exposure, the guide will be sent to every business in Northern Ireland and will be available in electronic form on various websites.

Director of General Insurance for the Association of British Insurers, Nick Starling, said: "The insurance industry is pleased to support this initiative. ABI is committed to helping all firms have the widest possible access to liability insurance markets. Our ‘Making the Market Work’ scheme continues to raise awareness among employer trade groups of the need for sound, practical risk management."

Peter Staddon, BIBA’s Head of Technical Services, said, "One of the main objectives for BIBA members is to provide advice to businesses on the insurance cover that is right for them. BIBA played an active part in this initiative and are pleased that the Government is taking this forward. BIBA brokers and intermediaries are able to provide a number of solutions to protect UK business and to get the most suitable insurance. This new guidance will allow businesses to gain a better understanding of their requirements and it is something that every business should read."

The production of the Guidance follows the setting up last year of the DETI's Insurance Working Group, in response to the problem of increased Employers Liability Compulsory Insurance premiums experienced by many local businesses.

(SP)