A recent survey of 1,500 SMEs, the 2016 Vero Insurance Index, shows that a large number of SMEs are severely underinsured and many don't even know it. 80 per cent of those surveyed who cited "being unable to trade" as their main concern, also admitted to not having business interruption insurance, whilst 31 percent said they were most worried about equipment failure. Accidents at work, cyber crime and litigation were other key concerns cited in the report.
Allianz has this week launched an initiative aimed at reducing the number of SMEs without insurance, as they too feel that SMEs are exposing themselves to major issues by not having enough cover.
If you have any concerns relating to the health of your business and risk management, our SME experts are available to assist. Please contact Steve Govey or your usual Beavis Morgan Partner.