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SMEs say they are 'too small' to need insurance

Posted on in Creative News

ActSmart news

A significant number of small businesses in the UK are underestimating the need for insurance.

A survey by Axa revealed that most start-ups founded in the past three years operate without any cover whatsoever. Only four in ten said they had insurance of any kind.

It found that the most serious gap was in employers' liability insurance, which covers workplace injuries and illness. The survey showed that just 41% of those who have taken on eligible staff have this cover, despite the fact that it is a requirement and non-compliance is penalised.

  • 72% of those without cover said their business was ‘too small' to need it
  • 25% had not considered it at all
  • 8% said it was too expensive
  • 3% had forgotten to renew

The report added that freelance professionals are the least insured section of the UK economy - only a quarter of those in their first three years of business have professional indemnity cover.

If your business needs insurance, visit specialist retail insurer Butterworth Spengler  

 

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