Many UK businesses are still not covered by the correct insurance programmes and only find out when they try to make a claim, according to Cowens Survival Capability.

It has warned that many businesses are needlessly going under because they do not take the time to ensure they have correctly assessed the risks associated with their business.

Stuart Williams, a director of Cowens Survival Capability, said: “The time to find a business is under-insured is not when it makes a claim. It’s a sad fact that 67% of businesses don’t last for two years following a claim – this need not be the case.