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Businesses warned over Christmas shutdown
09/11/2006
 The Christmas shutdown, which many small businesses in the UK experience during the festive period, has been described as "a major headache" by a high street bank's insurance department.
Lloyds TSB Insurance suggests that around one million small firms in the UK are at risk of not having sufficient business insurance cover as they close for the Christmas party season. Overall, the bank's insurance arm warns that small businesses could lose a collective £1.2 billion worth of productivity during the festive weeks. Gary Hurry, of Lloyds TSB Insurance, says: "Many [businesses] shut down completely while others operate on skeleton staff until January. "This lack of production is likely to result in a reduction in income and…serious issues affecting their business." As well as planning Christmas party venues, small business owners should prepare for the "unsettling" period and consider the risks ahead, Mr Hurry adds. Pacific Business News reported earlier this week that the first two weeks of December are the most popular time for Christmas parties, coinciding with the days leading up to the Christmas shutdown.  Click here for more on London's best events and Christmas parties.
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