A Norwich Union survey claims 45% of small businesses have concerns about the availability and rising costs of insurance.

The survey also revealed that 40% of bosses surveyed expected premiums to increase annually.

Despite the worries over soaring costs, 66% said that they did not want to lose out on certain benefits to secure a cheaper deal, with only 15% buying the cheapest insurance they could find, the research said.

Three quarters of firms said insurance was an essential part of a successful business, the survey found.

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