Whilst there are many different economic barometers and measures, in the world of business insurance we have two main one. Firstly, the number of business that cease to trade and secondly the number of new businesses, or business start ups, that we see who are looking for a quote.
After two years of increased business failures (and ceasing to pay insurance) and a reduction of new business enquiries, in the latter half of 2010 we are starting to see a vast improvement. We are not naive enough to say that business is not still extremely tough, just that we think a curve, not a corner, has been turned.
Construction has obviously been hit very badly, perhaps the worst of all. With the large reduction in house and commercial building, many businesses simply ceased to operate. We are now seeing more new enquiries from the construction sector than we have done for many years.
If you are just looking to take out a new contractors all risks insurance policy, where do you go? Our advice, over the years has not wavered at all. You will always get a better overall combination of service and price from a broker.
There are more commercial insurance companies nowadays offering policies for builders and tradesmens but do not be tempted to go direct. They cannot give you the choice that you need, whether it is public liability only or a full policy including employers liability and contract works, then you need a professional to advise you on the best, and most competitive type of policy to take out.