This may seem to be a simple enough statement to make and most owners would quite happily agree.
We have, in the UK as in the rest of the world, been through the worst recession in living memory. We are still feeling the after effects and the Conservative/Lib Dem coalition emergency austerity budget is not going to do any favours, short term, to helping Joe public have more cash to spend.
As businesses continue to suffer, many are looking to cut costs to the bone as their very survival can be at stake. One of the areas where some people may think they can save money, is through cutting the cover on, or stopping paying, their business insurance.
The rationale may seem simple, you have paid insurance for a number of years and have never made a claim, so what harm is their in stopping the cover for a while.
The very nature of business is that a claim can occur at any point, think about public liability insurance, you may not have claimed for years, but you just know that the likelihood of you causing damage to someones property never decreases. The same business risks that caused you to buy the cover in the first place have not disappeared.
It could well be that you have not been paying the best, open market, price or premium. Rather than simply paring down your cover or cancelling your policy, take the chance to speak to business insurance broker and get them to do a full review of all your covers and policies. It could well be that enough of a saving can be made, without reducing your cover, to prevent you having to trade uninsured.