The aftermath of the recent riots left behind significant destruction to property and big financial losses for UK businesses. The riots also emphasized how important business insurance is to owners, and how useful it is to get affected businesses back on their feet quickly.
Reports indicate that catering and retail businesses are scrambling for insurance, after realising just how critical it is to be covered in view of unpredictable incidents; especially those that occur on a large scale, such as the shocking vandalism and looting recently witnessed.
According to Simply Business, the broker for business insurance, the rise in insurance quote requests jumped a whopping 100 per cent on the day following the riots. After it was estimated that retailers may have to bear costs amounting to millions, businesses rushed to renew their insurance plans or increase their existing insurance cover.
The biggest request for quotes came from businesses with off-license permits, increasing to the tune of 2,800 per cent over previous weeks. Grocers and owners of cellphone outlets came in at second place, with the rise in insurance quote requests standing at 1,400 per cent, while the increase in quote requests from sports shops stood at 900 per cent.
Not surprisingly, the biggest rise in quotes was seen in places most affected by the riots. These included London (298 per cent increase) and Birmingham (137 per cent increase).