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Many businesses running a risk on insurance, report finds

Many businesses running a risk on insurance, report finds

Many businesses could face an increased number of grievance cases being brought against them unless they take measures to revamp their commercial insurance policies.

That is according to new research conducted by MacTavish on behalf of PricewaterhouseCoopers - a global professional services firm - which has found that a high proportion of companies operating in the UK currently have products that are "non fit for purpose" in the aftermath of the worldwide monetary slump.

This study involved communication with in excess of 600 UK firms and established that many are placing themselves in danger in this area of their business, with Bruce Hepburn, chief executive officer at Mactavish, labelling the findings "disturbing".

"UK businesses, especially medium-sized companies, are putting themselves unnecessarily at risk," he added.

Should this situation not improve in the near future, the sector is likely to see a greater number of claims disputes, the report added.

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Posted by Daniel Stevens