Business is booming in Hull. In recent years it has attracted many small and large companies alike. In what has become a virtuous circle of regeneration in the area, as more businesses make Hull their home so more new businesses have been attracted to the area and its wide range of benefits. Between the port, a large city centre, millions of big company investment by the likes of Siemens and a growing population, it is no wonder that more and businesses are moving in to Hull.
With the recent announcement that the Chinese firm BYD – the world’s largest manufacturer of electric vehicles and lithium batteries – has committed to a new £200m energy park, we wonder what other companies will this attract and how will this park impact the local economy?
The energy park already has some large backers, including: E.ON, Vodafone and Legal & General, and joining BYD on the venture is data centre firm, Asanti Datacentres Ltd. This latest shot in Hull’s economic arm could create hundreds of jobs for local people, as well as bringing in more money into the city and increased innovation through the planned energy and digital technology college which will be built on the park. On top of this, companies such as BYD moving into Hull shows the world that Yorkshire is a great area to invest in, especially in technology-focused industries.
Time Of The Local Business?
Currently small businesses don’t always have the easiest of times, this includes businesses across the UK not just Hull. Many factors can influence how well small businesses do, some businesses may find themselves impacted by Brexit or changes in taxes. Either way, life for a small business is not always easy. In Hull, a city full of small businesses, are developments such as the new energy park going to help small business in the area? Well, we believe they will and here is why;
- More jobs – jobs in the area, especially jobs in industries around technology, will attract even more people to Hull. This will mean people are moving to Hull or it can help lower unemployment in the area, either way it means more people paying local taxes and more people with money to spend in local businesses.
- Local demand for local suppliers – as more businesses move to, or around, Hull you may find your products in demand. If your business supplies to other businesses you could be on to a win, a lot of businesses that move into Hull will try and look local for their suppliers, especially in the wake of Brexit. We’ve recently seen a wave of new local clients coming to us for a quote as they look to a local insurance broker to help them get the protection they need.
- Economic benefits – more businesses in Hull will help boost the local economy. Taxes such as business rates can help the local area develop and grow, and can help fund big projects to bring further innovation and jobs to Hull.
So, is it time for the local businesses of Hull to shine? It may very much come down to how Hull’s small and medium-sized enterprises (SMEs) push themselves in the coming year and what products or services the company offers. As with most changes, there will be winners who could massively benefit from these developments.
Protect Your Business
No matter what your business does – from equipment manufacturers to one of Hull’s start-ups – your business needs insurance. If something goes wrong, from a fire destroying your products to a legal case brought against you from a member of the public, it is vital to have the correct cover in place.
Here at Coversure Hull, we know all about local businesses and their needs, after all we are one! So, we want to help you get the correct insurance for you to make sure you are never caught out after an unfortunate event. If you would like to know more about the insurance you need for your business, why not check out our ‘What Business Insurance Do You Need In 2018?’ blog, you can find it by clicking here. It looks at policies such as cyber insurance and large changes that may impact your business – such as Brexit and different fuel types and how they may affect you company’s vehicles.
There’s a massive opportunity in Hull. We want to make sure that your business can safely take advantage of it.
Let Us Make Your Insurance Easy
We understand that getting the right insurance is not always straight forward so why not let us help? Here at Coversure Hull we have a team of trained brokers who are ready to help you with all your business cover needs. So, why not make your insurance straight forward and enlist the help of Coversure Hull? You can contact us by calling 01482 434343 or click here for our contact us page. We look forward to solving your business insurance problems, and may Hull’s boom continue!