Three-quarters of SMEs in the UK do not shop around for better business insurance policies, according to a survey.
The research, involving 869 firms and carried out by constructaquote.com, found that of those that do not shop around, more than half said they did not have time to do so. Some 38 per cent did not know where to look and another 23 per cent assumed they had the best deal with their current providers.
Confusing quotes caused another 16 per cent of respondents not to compare insurance deals. The remaining 9 per cent of respondents said they were not concerned about the business insurance policy of their companies.
Of those that did shop around, 68 per cent found a better deal with a new insurance provider.
Lyndon Wood, CEO and creator of constructaquote.com, said: “With the amount of work, responsibilities and tasks business owners are faced with these days, it is little wonder that such a large proportion of those questioned in our research stated they did not have the time or know-how to look for a better insurance deal.”