Small firms: Switch insurer to keep competition 'healthy'

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Small firms: Switch insurer to keep competition 'healthy'

Small businesses are being encouraged to switch insurers regularly to keep the competitive element of the market alive.

According to Simon Briault, a spokesperson for the Federation of Small Businesses (FSB), small firms will be able to find a suitable deal if they search the market effectively.

Commenting on the need for there to be a competitive market, Mr Briault said: "If there's a good, healthy competition between insurance providers and small businesses are able to switch between providers and feel that they're getting the best deal, then that's the kind of situation where small businesses will benefit."

Advising small firms on the best way to secure the most beneficial package, Mr Briault urged them to check the small print of insurance deals in a "diligent" fashion to have a good understanding of its features.

"We are confident that small business owners are capable of doing that, it's just a case of prioritising the time to do it," he added.

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