The Cost Of Doing Business Crisis

Small business owners! Are you feeling the pressure of the cost of doing business crisis?

As a small business owner, you know all too well the challenges that come with running a business. One of the biggest issues you're facing right now is the cost of doing business crisis.

From rising energy bills to increased wages, it can feel like an uphill battle just to keep your business afloat. But you're not alone in this fight. The Federation of Small Businesses (FSB) is here to help.

A recent study by FSB on the state of small businesses has found that 96% of small businesses are concerned about rising energy costs. Out of these, 38% of them report being extremely concerned. Small firms in the accommodation and food services, wholesale and retail, and manufacturing sectors report high levels of extreme concern. The study also found that 63% of all small firms have reported an increase in their energy costs compared to last year, with 39% of these small businesses reporting that their energy costs have doubled, tripled or even more. 77% of small businesses in the accommodation and food services sector reported an increase in energy costs, while 72% of small firms in Scotland reported an increase in energy prices.

However, 16% of small businesses say that their costs have not increased because they renewed their contract before August 2021. 4% of small businesses have reported that their provider ceased trading from August 2021 to May 2022, and of those, 73% say that their energy costs have increased by double, triple or more. To mitigate the impact of rising energy prices, 45% of small firms have raised their prices, 40% have reduced their energy consumption, and 24% have cancelled or scaled down plans for investing in or expanding their business. 6% of small firms have acquired business debt to cover rising costs, with small firms in food and beverage service activities (15%) and retail (12%) reporting the highest rates of debt acquisition.

The majority of small businesses (51%) are on a fixed energy tariff for their business, while 18% have no control over who provides their energy. The cost of doing business crisis is not just affecting your income, it's also affecting your ability to grow and thrive. Mitigating the rising costs is essential not only to the survival of UK businesses but the continued delivery of services and all-important business growth.

That’s where FSB Insurance Service comes in. As an exclusive service for FSB members, we offer a comprehensive range of insurance options to help you mitigate the risks and protect your business. Our insurance policies are tailored to the unique needs of small businesses, and our expert brokers are here to guide you through the process and find the best coverage for you.

With our insurance advice line, you get over-the-phone assistance with any questions or concerns you may have. And with our free credit checks, valuation services, and business continuity planning kit, you'll have all the tools you need to ensure that your business is prepared for any eventuality.

Here are a few examples of how we can help with comprehensive insurance for your business:

• Public Liability Insurance: This will provide cover for your business in the event of a claim made by a member of the public for injury or damage to their property caused by your business through negligent acts.
• Product Liability Insurance: This will provide cover for your business in the event of a claim made by a member of the public for injury or damage caused by a product supplied by your business.
• Employers Liability Insurance: This is a legal requirement if you have employees and will provide cover in the event of a claim made by an employee for injury or illness caused by their work for which you can be held responsible.

By protecting your business through FSB Insurance Service, you can have peace of mind knowing that you are well covered. Don’t let the cost of doing business crisis weigh your business down any longer.

But it's not just about insurance, your FSB insurance broker can also help you during hard economic conditions in a number of ways:

• Help you find ways to lower your insurance premium
• Assess your insurance needs and provide tailored coverage options
• Provide over-the-phone assistance and answer any questions or concerns you may have
• Offer free credit checks and valuation services to help you make informed business decisions
• Provide a business continuity planning kit to help you prepare for any eventuality
• Provide resources and support to help you navigate the ever-changing landscape of small business insurance.

In conclusion, the cost of doing business crisis is affecting small businesses across the country and making it difficult for them to keep their business afloat and grow.

The Federation of Small Businesses (FSB) understands this and offers an exclusive service for FSB members to help navigate the sometimes confusing world of insurance.

FSB Insurance Service offers a range of insurance options, tailored to small businesses and backed by expert brokers. Our insurance advice line and free credit checks, valuation services, and business continuity planning kit give you all the tools you need to protect and grow your business.

From Public Liability Insurance to Product Liability Insurance, Employers Liability Insurance, and more, FSB Insurance Service has you covered. And, our brokers can help lower your insurance premium, assess your insurance needs, and provide resources and support. In conclusion, the cost of doing business crisis affects small businesses everywhere.

FSB Insurance Service, exclusively for FSB members, offers comprehensive insurance options and support to help your business navigate these challenges.

Contact FSB Insurance Service today to find out how we can help your business navigate these hard economic conditions. Call 020 3883 7976 any weekday to talk to a broker.