This week unfortunately has yet again been one of those wherein the news was all about major closures. High street retailers such as Allders and Clinton Cards have announced closures of their businesses making thousands redundant. It is sometimes bewildering as when you think that the worse is over and if anything only good can happen, you hear of more businesses going under.


Running a business was never easy and in the current climate running a business and making profits is extremely challenging. We at Best Insurance consider ourselves very fortunate as we have been posting growth inspite of all these challenges. There are a few brave ones and we would like to think we are one of them that when the going is bad, is actually the best time to build a business as the business is built around grounded core values and when the market improves, such businesses built around strong basics becomes rich pickings.


The insurance industry has been equally hit but the number of people buying unemployment insurance and income protection insurance has not reduced. In the initial days of the business, I used to wonder thinking that we will soon come to a stage wherein most of the employed who care about their income would buy their income protection or unemployment insurance and the market would get saturated. However the fact is that there are less than 300,000 policy holders and there are about 14 Million people in the UK who work for more than 16 hours a week – thus still a large market to go after.


We get the opportunity to speak to the ones who have made a claim on their income protection insurance and unemployment insurances and the one common feedback we get is that they all agree that this was perhaps the best form of protection they have bought. There are also quite a few who leave it until the last minute and when the worse happens, they tend to be in the initial exclusion period and unfortunately cannot make a claim.


One of the things we have ensured is to make sure that we have a wide range of products and initial exclusion has been high on our agenda. We have unemployment insurance starting from an initial exclusion of just 60 days to a maximum of 90 days, unlike most of our competitors whose initial exclusion tends to be in the region of 120 days.


While we sincerely hope that there are no more major closures of businesses in the UK, equally we cannot stress enough that it is high time, people stop being complacent and invest that £40 – £60 per month and get their incomes covered by Best income protection insurance and unemployment protection insurance.

 

2 Responses to “Redundancies in Allders, Clinton Cards – Who’s Next?”

  1. dancome says:

    Nice Blog ^______^