Business loan customers warned about vandalism rise

Mon, 12 Mar 2007

The level of commercial damage caused in acts of vandalism is increasing, according to figures that may be of interest to business loan customers.

Research from business loans specialist Royal & SunAlliance has revealed that the retail and consumer sector has been hit hardest by yobs, with the average cost of a business insurance claim per business each year reaching £9,100 in 2006, up from £5,000 in 2005.

Meanwhile, the agriculture and materials sector has also seen business insurance costs rise from £900 in 2005 to £4,900 last year.

Commenting on the findings, Tesh Patel, corporate development director at the business insurance provider, claimed that the rising damage bills come in spite of a fall in overall yob attacks.

"Although the number of cases of yob behaviour has reduced as the government continues to tackle this problem, the financial impact is actually on the increase," he said.

"This is a huge burden on UK businesses."

Companies affected by instances of vandalism may need to consider taking out business loans unless they have comprehensive business insurance cover.

A loan gives businesses access to capital that is then repaid over an agreed period of time.

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