As a significant percentage of companies operating in the consumer services industry claim the value of business has fallen during the past three months, now could be a good time for firms to consider what level of protection they are afforded by products such as hotel insurance.
Figures released by the Confederation of British Industry (CBI) reveal 30 per cent of such firms - which includes bars, restaurants and hotels - believe that the value of business has dropped, compared to the 21 per cent which claimed that it had increased.
One in four stated that the volume of business over the last 12 weeks has fallen.
"Although our recent retail surveys have shown increased sales of high street goods, this survey shows that households are still reluctant to spend on services," Ian McCafferty, chief economic adviser of the CBI, states.
And with such difficulties, hospitability firms may want to consider how hotel insurance can help them through the challenging economic climate.
However, there may be positive reasons for companies to consider their hotel insurance requirements. Visit London spokesperson Jacqueline French recently claimed an increasing number of businesspeople will use London hotels to hold meetings and conferences in the build-up to the 2012 Olympics.
