The majority of small and medium-sized companies will not be cutting back on insurance cover during the recession, according to data compiled by independent survey company, the Survey Shop.

Of the SMEs surveyed 66% reported that the value of having secure insurance does not decrease during the current economic downturn. Only 11% thought that the value of insurance has currently decreased.

The importance of insurance to small companies is illustrated by the fact that despite small firms trying to cut costs, 90% of those questioned said they planned to buy the same level of cover in 2009 as they did last year.

"SMEs in the UK are currently under a considerable amount of pressure because of the downturn, it is vital that the insurance profession support them throughout 2009," said Terry Whittaker of QBE European Operations.