Research by commercial insurer NIG shows that one in four companies in the retail and distribution sectors in the UK and considering cutting costs to counteract the rising prices of raw materials.

The study, which surveyed businesses with annual turnovers ranging from £50,000 to £20 million, also found that one in ten firms in the sectors said they were concerned they were uninsured against theft or damage given the rises in the costs of raw materials.

23% of firms in the sector have never had a professional risk assessment carried out on their business. Of those that had one conducted, 18% said they had not had one for more than 12 months.

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