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SMEs advised to insure against 'blue Monday'

Published On 18 January 2007 at 11:36:34

Small businesses in the UK are gearing up for January 22nd, set to be the most depressing day of the year.

However, Lloyds TSB is urging SMEs to use 'blue Monday' as a reminder to update their business insurance.

Academics calculate that January 22nd is the most depressing day of the year due to a combination of bad weather, broken New Year's resolutions, debt and a lack of motivation.

For SMEs the feelings of despondency can be especially acute, Lloyds TSB notes, with a third of the UK's four million small businesses at risk of failure this year.

However, the insurer claims that SMEs can help protect themselves with a little bit of research and preparation into business insurance.

It warns against undervaluing business assets and taking out too many policies.

Garry Hurry, senior marketing manager, at Lloyds TSB Insurance says: "No matter how well a business is run, disaster can strike at any time, putting any business at risk.

"Establishing the right insurance cover for your business will protect you against blue moods in the future.

"When it comes to taking out insurance for your business it can be very confusing with countless types of cover available, but a little bit of research can make a big difference.

He advised managers make a comprehensive list of everything that businesses would need to replace in the event of fire, flood, theft or other unexpected circumstances.

"You're bound to be in for a surprise when you add everything up and chances are your business assets are worth far more than you originally thought which is sure to give you a much needed boost," Mr Hurry remarked.


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