Pictured above: Grant Scott, associate director at Cowens Survival Capability

Hundreds of businesses across the West Midlands are still not covered by the correct insurance programmes and only find out when they try to make a claim.

That's the view of directors at Cowens Survival Capability, which 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.

Grant Scott, associate director of the Midlands-based Cowens SC, said: "The time to find a business is under-insured is not when it makes a claim. It's a sad fact that 67 per cent of businesses don't last for two years following a claim - this need not be the case.

"Perhaps because of the economic situation over recent months, businesses are failing to look at the detail of contracts and programmes of cover. Should businesses ever need to claim, the speed with which claims are settled is critical. In times of crises such as these, cash is king, and too many businesses have gone under because they didn't get their money in time to prevent it."

Cowens SC is an established firm of business solutions providers who specialise in advising clients across the UK on how to ensure they have the right insurance cover and the correct procedures in place should crises happen.