The number of Kent people taking out redundancy insurance has more than doubled as the global credit crunch starts to hit county firms.

As stock markets across Europe fell steeply again today, Simon Burgess, redundancy insurance expert for the Maidstone-based Towergate group of companies, said phones had been ringing off the hook for weeks, with many callers in a great deal of distress.

He said: "We are now seeing a significant increase in the number of people seeking redundancy cover.

"Our sales of redundancy insurance have doubled over the past two months, nationwide, but it is in Kent and Essex that I have seen the greatest increase.

‘‘Sales have more than doubled in those counties. It is a black October for many people.

"We are having inquiries from people working in financial services and retail all the way through to occupations thought of as being very safe, building trades and the food industries.

‘‘When you have plumbers taking out redundancy insurance it’s time to worry, and this is what has been happening."

Mr Burgess, who is managing director of British Insurance, part of the Towergate group of companies, warned that a policy had to be in effect at least 90 days before the customer received warning of redundancy.

He said: "It is possible to buy a financial safety net, but buying cover before it is too late is highly important. Seek the advice of a competent broker and then you can have a safety net at a reasonable cost."

Unemployment is likely to rise again in Kent this month, following a steep rise last month.

• See full story Black October in this month's Kent Business, free with the Kent Messenger.