It’s very likely that many people underestimate the role that small and SME businesses play in the UK economy. Figures from the Department for Business suggest that 99.9% of the UK’s private sector is made up of SME’s and in 2017 SME’s contributed an estimated 51% of all private sector turnover. This is a significant contribution and one that needs supporting to ensure these businesses continue to thrive.
With this in mind, Allianz, an insurer we work closely with at Anthony Jones, have recently commissioned research into what SME’s see as the biggest challenges and threats to their businesses. Ultimately aiming to identify how SME and small business can be better supported, particularly where the SME and small business insurance industry is concerned.
Surveying 500 SME businesses, the report identifies 5 of the biggest challenges that small businesses perceive, including amongst others, Recruitment; finding and retaining the right people, Competition; how to differentiate from other similar businesses, Innovation; having the ability to keep up with the pace of change.
The SME’s surveyed also highlighted the following areas as some of their biggest threats
1. Data loss/misuse,
2. Theft/damage to business equipment/property
3. Business interruption.
As a small business ourselves, here at Anthony Jones we like to think that we can appreciate and empathise with many of the things that you as an SME may be going through. As a result, this puts us in an ideal position to work with you on your small business insurance needs and to ensure that you have the cover in place to help deal with some of the biggest threats deemed as of concern to SME’s and small businesses. For example, Cyber Insurance can help cover losses that may arise if you suffer a cyber incident. Whilst we can also work with you to identify how much business interruption cover you would require to make sure you can get back up and running if the worst were to happen. Think we can help? Talk to us today on 020 8290 9080.
Read the full Allianz whitepaper here. supporting-smes-to-prosper_acom8021_0