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Business insurance: the key statistics

Number of business affected by arson each year; average pay annual pay out - find all the stats you need here

If you’re still not convinced by the need to get your business fully covered, or just want to put some numbers to bolster your business recovery plan, then here’s a rundown of the key insurance stats you’ll need:

 

  • In 2006, the insurance industry paid out £5.8m to businesses on property damage, and £8.9m in liability claims, such as for accidents at work, professional liability, and injuries to the public on commercial premises
  • The average settlement amount for a case of violent or forcible entry was around £3,975 in 2007
  • Arson accounts for around half of all business insurance claims made
  • Just 4% of businesses say another disaster like the summer 2007 floods or the Buncefield oil depot explosion would make them think twice about their insurance policies and contingency plans
  • Over two thirds of businesses have no contingency plans to deal with an emergency, such as a major flood or fire
  • 96% of risk managers say there is at least one benefit from implementing a business continuity management or contingency plan
  • Seven out of 10 firms would go out of business if they experienced a major emergency in their first year
  • A third of small businesses say there would be ‘no cost’ to their business if they were put out of action, 1 in 10 say it will cost them less than £5,000
  • The average cost to business of a natural disaster is between £8,000 and £17,000
  • After the floods of summer 2007, insurers dealt with over 27,000 claims from damaged businesses, paying out over £1bn

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