AA Ireland recently surveyed over 200 businesses across the nation to gain some insight into the major challenges and trends currently facing Irish small and medium sized businesses in the current economic climate.
Businesses up and down the country face major challenges as the price of insurance premiums is adding to the problems of a difficult trading environment. Unsurprisingly the economic downturn was given as the greatest challenge of 2010. Half of the businesses surveyed would consider reducing their insurance cover to save on cost. The cost of business the most important issue, according to 73 per cent of respondents.
On a more positive note, 53 per cent were optimistic for their business in 2010, this figure rose to 66 per cent for 2011 and a healthy 75 per cent for the long term future.
“Talking to the AA and taking advice will help businesses to make informed decisions about transferring risk and cutting back on cover. Reducing costs is on every current management meeting agenda, however pay for what you need without putting the future of the business at risk” says Michael O’Reilly, AA business Insurance.
“Of course it will always be good advice to make sure that you are adequately insured, but a key point is only to pay for what your business actually needs. An insurance policy can be tailored around what the business actually needs, so instead of ‘one size fits all’ you can get the cover that fits best.”
