Henshalls News

Shropshire businesses are being urged to sit tight and protect their existing assets in readiness for an upturn in the economy.

Dave Williams, of Henshalls Insurance Brokers, in Newport and Shrewsbury, said many companies were hoping the New Year would bring a change in fortunes.

"In difficult economic times, it's inevitable that businesses will want to review how they can cut costs, and insurance premiums are often one of the first casualties.

"But cutting back on insurance really is a false economy, particularly as businesses are statistically more likely to be a victim of crime during a recession."

Dave said research had shown that arson, malicious damage and breaking and entering were all on the increase in the UK, which was typical when a credit crunch tightened its grip.

"If your company has encountered difficulties, and your premises are left unoccupied, the building is an easy target for vandals, so even if your business is temporarily on hold, you must ensure your property is protected.

"At times like this, when businesses are more vulnerable than ever, you can't afford to put your remaining assets at risk by leaving them uninsured."

Dave said it was also vital that companies started to think about how they would cope when the economy finally did pick up.

"We all know its crucial to be prepared for the upturn, to make sure we are well-placed to take advantage of any new business that comes along when confidence starts to return.

"Now is a perfect time to check your existing insurance policies, and to revise them if necessary in readiness for a more positive year in 2010.

"Remember though that the cheapest quote is not always the best solution, even when times are hard, as the cover is likely to be reduced in accordance with the lower premium.

"Look on it as an investment - you are in fact investing in your company's future, and putting your business in the very best position to stay ahead of the game when things improve."