SMEs could pay as much as three times the cost of last year’s premiums, according to turnaround specialists Begbies Traynor.
Data from the DTI showed a quarterly increase of 7.6% in company insolvencies, with a 9.9% increase on the year – in total there were 4,118 company insolvencies in England and Wales in the second quarter of the year.
Nick Hood, senior London partner at Begbies said many SMEs would not be able to afford adequate cover: ‘For any small business already under pressure, this spells very bad news.’
Begbies recommended that SMEs that need to renew their insurance policies, get in touch with their insurance brokers as soon as possible to start renewal negotiations.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies