The Insurance industry pays out a staggering £74 million per working day (general claims).
779 insurance companies are authorised by the FSA to carry out property insurance in UK.
70% of damage is normally caused by water = plastering and re-decoration repair.
In 2008 the total net premiums of property insurance amounted to £8.8 billion. These figures show the strength of the insurance industry, and as most mortgages require home insurance, the property insurance industry is guaranteed to stay strong at a time of recession, and is a wise area for budding franchisees to move in to.
At a time of recession with a fluctuating property market, more homeowners are choosing to renovate and improve their properties, rather than move home, providing more work for companies like All Trades.The Department of Trade and Industry’s figures on new start up businesses show that 20% fail in the 1st year and 50% within 3 years. In comparison, current figures from the Nat West franchise survey 2008 show that within franchising there was only a 4.1% failure rate.
As well as buying in to a business that has been tried, tested and has an established brand, franchising provides induction training and ongoing support, marketing support, and full support on all aspects of the business.