Insurance Start-Up Aims to Address Small Business Insurance Concerns

BLACKPOOL, England, Feb. 1 -- The Federation of Small Businesses issued the following news release:

Federation of Small Businesses (FSB) has today (1 February) launched its own insurance service for its members in response to today's trading environment. The FCA-regulated broker start-up, Ruskin Square, trading as 'FSB Insurance Service' is a joint venture between FSB and Markel Capital Holdings, an associated company of Abbey Legal Group which runs the FSB Legal Helpline.

Today's trading environment sees smaller firms diversifying to grow and lead the way as digital disruptors. Businesses are also facing new, rapidly developing threats including cyber-crime, terrorism and the ever increasing risk of flooding in some areas. In the meantime, the insurance market is becoming more competitive at the SME end of the scale.

In response, FSB has established its own insurance broker tasked with taking the time to provide its members with advice, as well as good value, quality products.

The business will be run by long term FSB member and experienced insurance broker, David Perry. David currently also sits on the British Insurance Brokers Association's (BIBA) 'Insurance Brokers Standards Committee' and 'Small Brokers Advisory Board'.

Dave Stallon, FSB's commercial and operations director, said:

"Increased and new kinds of threats facing small businesses - including flooding, cyber crime, terrorism and global supply chains - call for new types of insurance, yet many small businesses often struggle to get cover at all, or, if they do, are often either underinsured or don't have the appropriate level of cover. As an example, FSB research suggests up to 75,000 smaller businesses at risk of flooding could currently struggle to find affordable flood insurance.

"Our members are small businesses and whilst some will have common challenges and needs, they are also diverse. FSB is uniquely placed in understanding the insurance challenges facing the small business sector as a whole and how to lessen these, as well as the more bespoke needs of individual members.

"As our insurance service is built by FSB, run by FSB and owned by FSB, it has different motivations and values. Our prime ambition is to support a thriving small business sector in the UK by giving our members timely and quality advice, as well as sourcing the most competitive premiums and the best tailored insurance packages."

The combined annual turnover of SMEs in 2017 was pound sterling1.9 trillion, 51 per cent of all private sector turnover in the UK.

David Perry, Ruskin Square's managing director, said:

"Recent research shared by BIBA indicates that 86 per cent of SMEs want to see more bespoke insurance solutions and 71 per cent feel the Insurance Industry uses too much jargon. FSB Insurance Service will be working hard to address those issues. Our key themes are Advice, Quality and Value."