Brokers call for insurers to show goodwill to firms seeking EL cover
Insurance companies must start showing goodwill to employers over liability cover, if they want the government to solve the long-term problems of liability, Biba has warned.
Speaking ahead of yesterday's meeting with the ABI, Department of Work & Pensions and the Treasury, Biba chief executive Mike Williams said that insurance companies should try harder to find ways of providing cover to small companies that were threatened with closure because of sky-high premiums.
"Insurers should be persuaded to fund the risks in the short term," warned Williams.
If insurers did not make any attempt to fund the risks, Williams said they risked losing the support of brokers in trying to convince government to make changes to reduce long-term problems.
As Insurance Times went to press on Tuesday, Williams said the government could not solve the short term problems of small companies' employers' liability (EL) cover overnight.
Williams was set to present a number of long-term potential solutions to the liability crisis: