Reportage - SME: SMEs under the regulatory spotlight
The risks that the SME sector faces on a daily basis have increased significantly over the past 10 years. Rising regulation and an increasingly litigious society mean that such businesses are facing an ever-growing rate of claims often not covered by the insurance they have historically been advised to buy.
A major headache for business owners and the companies they run is the risk they face from their current or former employees.
It is widely recognised that the UK has some of the most stringent employment regulations in the world. Failure to ensure these are followed can leave a company facing the prospect of a costly and time consuming employment tribunal. The latest statistics for such claims saw a staggering increase of almost 60% with over 236,000 claims being made in the year to March 2010.
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