“We don’t like Mondays”, say Britain’s small businesses

As the final full week of January approaches, misery is expected to peak on the 22nd when the nation’s small businesses gear up for the worst day of the year, Blue Monday, says Lloyds TSB Insurance.

January has long been regarded as the most depressing month, but 22nd January is pinpointed by academics as the most miserable day of the year coming exactly one month after Christmas, with spiraling debt, bad weather, unkept resolutions and a lack of motivation overcoming us all - and Britain’s small business owners are no exception. However, according to Lloyds TSB Business Insurance, it doesn’t have to be all doom and gloom as there are simple steps small business owners can take to ensure they minimize risks their businesses are exposed to at this time of year.

According to a survey carried out by Lloyds TSB Insurance, a third of the country’s four million small businesses site fear of failure and personal financial loss as the main concerns giving them the January blues this year. The study also reveals that small businesses are taking unnecessary risks that by having adequate insurance cover to protect them should the worst happen. From undervaluing business assets to duplicating effort and cover by taking out too many policies, small businesses just don’t appear to be getting it right.

However, the insurance provider believes that with a little research and preparation small businesses can avoid the blues next week. As Blue Monday marks the day when most people abandon their New Year’s Resolutions, Lloyds TSB Insurance is advising small businesses to get back on the wagon and ensure that simple measures are put in place to prevent short term issues turning into long term problems.

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. So while we are all likely to be feeling the effects of the January Blues, and the inevitable hardship that follows the Christmas festivities, it is essential to focus on making sure you have all your bases covered and that you know where to go for insurance advice.

“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. Each business has different business insurance needs so make sure you take time out to contact your insurer who can assist you in getting the right level of cover specifically for your requirements.

“It’s worthwhile making a comprehensive list of everything you would have to replace if your business was affected by something unexpected, such as a flood, fire or theft. 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!

“If you have failed to keep any other New Year’s resolutions, make sure that the one you keep is to find time to arrange insurance to protect all your hard work – and ensure that next Monday is a good day for you and your business!” concludes Gary.