Nearly half (47%) of businesses have never switched suppliers or tariffs, with one in five not aware switching is an option for them.

That’s despite 75% – or 3.9 million – of firms thinking they pay too much for gas and electricity and almost the same number knowing savings could be made, according to a new survey.

Switching energy suppliers or tariffs are seen as a “hassle” by 28% of businesses, it found.

Nearly half (46%) fear costs and fees attached to moving to a new supplier and are “nervous about the increase in paperwork” while more than a quarter (27%) believe switching will cause a disruption to their energy supply.

Andrew Richardson, Deputy CEO of Utilitywise said: “There has been much in the news about domestic customers switching to get better energy deals, which is positive in terms of building a competitive market place and educating consumers about energy. Businesses can do the same and there are real savings to be made.”

More than 2,000 small business owners and decision makers were surveyed last month.