Short notice renewals are inflamming the liability crisis, according to the Federation of Small businesses (FSB).
Short notice renewals are inflaming the liability crisis, according to the Federation of Small businesses (FSB).
The FSB claims that small businesses are only given a few days notice of insurance renewals. In its evidence submitted to the two Department of Work and Pensions review, it claims that short notice leaves its members with no choice but to accept inflated premiums.
FSB chairman John Emmins added: "Businesses need at least one month's notice of insurance renewals so that they have time to find a better deal if necessary.
"In the meantime we are advising small firms to ensure that they know when their insurance is up for renewal and to contact their broker if they haven't heard anything two weeks before the due date."
