Premium hikes threaten small businesses
Research by the consultant Mactavish shows that some insurance premiums for SMEs have risen by 800% this year leading to fears that some businesses, including motorsport businesses, will not be able to afford to renew their policies. Chief executive Bruce Hepburn warned: “The timing couldn't be worse for firms still being battered by the economic fall-out from the pandemic. For some SMEs, these unexpected cost increases could be the final nail in the coffin.”