A changing risk landscape is creating new challenges for SMEs and those tasked with providing the sector with insurance. But SMEs need to evolve as newer risks such as cyber attacks and data protection – along with the raft of uncertainties around Brexit – create demand for additional cover
It is well documented that SMEs are vital to UK prosperity – there are some 5.6 million firms and they account for over 99% of total businesses, employing some 60% of workers in the private sector and having a combined annual turnover of £2trn, according to the Federation of Small Businesses. And despite the emergence of new risks, in many cases, fire, escape of water and theft protection may well still be essential elements.
Last year, a survey from insurer Allianz which questioned some 500 SME business leaders, found the top five risks were as follows: data loss/misuse/theft, the impact of Brexit, theft or malicious damage to business equipment or property, more advanced technology adopted by their competitors and a significant interruption to their business.
But, while this shows that many had awareness – and anxieties – about…
