Business insurance providers becoming more optimistic

A recent research study of business insurance providers has revealed that a growing optimism has led to 44 per cent of firms stating they will be adding more staff for next year.

The number of business liability insurance providers that have the expectation of being able to accommodate more staff was 11.6 per cent higher than the study conducted six months previous.

The latest survey, conducted by professional indemnity insurance experts Jacobson Group and Ward Group, discovered that 44 per cent of respondents were planning on maintaining the size of their staff in the coming year. Only 13 per cent of firms anticipated decreases in staff, which indicates a 2 per cent drop over the last study’s figures.

30 per cent of firms indicated that business expansion was the top reason for increases to staff throughout the next year.  26 per cent of respondents indicated they felt an increase in business volume was on its way, thus necessitating the additional staff.  23 per cent of businesses stated that they were understaffed, while 15 per cent had plans to add staff in order to improve their customer service experience.

One out of every five firms that planned to decrease staff levels indicated that automation was behind their workforce reductions.  16 per cent of businesses stated that they were overstaffed. An additional 15 per cent remarked that they were undergoing reorganisational processes that necessitated the cuts to staff, while an anticipated decrease in volume led 14 per cent of respondents to state they had expectations to cut staffing levels.

The Jacobson-Ward study polled over 100 firms for their new research.  18 per cent of companies polled provided life insurance while the remainder were property and casualty insurance cover providers.

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