Insurance News Archive
Half of Britain's small businesses shirking disaster management
Half of small businesses across the UK have no disaster management plans in place to mitigate against the effects of a major incident such as a fire or natural disaster.
A survey carried out by Bank of Scotland Business Banking showed that despite the seeming lack of a proactive nature among small businesses, over half are aware that they could seriously jeopardise their business by not having a formal procedure in place.
It also found that planning among businesses was at its worst among businesses in Wales and the north-east of England, with firms in the Midlands alleged to be most prepared for an unexpected event.
Kevin Gillett, head of Bank of Scotland Business Banking, said that the impact of a major incident could be "devastating" for a small business, with commercial property insurance premiums also being affected.
"Such planning need not be burdensome or costly and, given that it might prevent a business's closure, I would recommend that every owner-manager considers the issues raised by these findings," Mr Gillett added.
26 Oct 2006
