As the economic downturn continues in the UK and people look to save money, consumers are cutting back of products such as home insurance, it has been stated.
The British Insurance Brokers Association (Biba) claimed that businesses are trying to cut costs by reducing the amount they spend on cover and are not spending as much on insurance.
However, the organisation has warned that firms could be playing a dangerous game if they choose to do this.
Eric Galbraith, chief executive of Biba, said cutting back insurance "can immediately impact your business" as well as any future policies if a loss in incurred.
"Be very careful. Make sure you talk through with your broker exactly what you want to do," he added.
Figures released by Biba show that 29 per cent of brokers have seen a decrease in the number of people purchasing non-essential cover.
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