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Many UK SMEs are ‘unaware of insurance perks that come with a business continuity plan’

Small and medium sized enterprises (SMEs) in the UK are missing out on insurance deals available to them if they have a business continuity plan in place. This is what Cloud Direct, a cloud services broker (CSB), found when they surveyed more than 500 UK SMBs earlier this month (March 2014).

The survey of 558 business and IT decision-makers revealed that more than half (54 percent) of respondents were unaware there may be insurance benefits in having a business continuity plan. This is despite 68 percent of people saying they already having a business continuity plan in place.

The British Insurance Brokers' Association (Biba) has long committed to supporting business continuity measures with reduced insurance premiums and excesses. To promote this stance in 2012, they conducted a joint survey with the Cabinet Office, which found that 83 percent of insurers questioned would give a discount or improve terms to a business interruption policy if a business continuity plan were in place.

Cloud Direct's March 2014 survey also found that almost one in every six UK businesses (15 percent) still don't know what a business continuity plan is. This is despite 44 percent of businesses having experienced some form of business disruption - either through human error, IT failure or natural disaster.

Eliza Rawlings, managing director of Cloud Direct, said: "It's frustrating that businesses don't know about the insurance perks and we hope this survey has helped some businesses from that point of view. But it's also a little disconcerting that nearly a third (32 percent) of businesses don't have a business continuity plan in place."


•Date: 21st March 2014 • UK •Type: Article • Topic: BC: SMEs

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