A new survey conducted by business insurance provider SME Insurance (SMEi) today reveals that 34% of UK small and medium sized businesses (SMEs) polled could be uninsured for the biggest risks they face.
Of those firms that have insufficient insurance cover, 34% chose cyber-attacks from a list of major risks as the biggest threat to their business, according to the research*. Public liability is ranked in second place by 28% of SMEs, followed by crime, such as break-ins, at 19%.
When it comes to cyber-crime, 30% of respondents state they would be most vulnerable to computer viruses, while 22% claim data theft is the sole digital threat. According to 15% of respondents, a lack of security awareness amongst its employees may be leaving their business vulnerable online.
Following widespread flooding across the UK last winter, 44% of SMEs questioned believe the UK government and the Environment Agency could do more to protect small businesses from flooding, with 22% stating that national flood defences could be improved.
Jonathan Webber, Commercial Director for SME Insurance commented: “This survey highlights an apparent lack of insurance protection among SMEs for threats that could be potentially catastrophic to their businesses, which unfortunately puts them in a vulnerable position. Identifying and securing the insurance protection they need should be their top business priority.”
SME Insurance provides a breadth of specialist commercial insurance products specifically designed to meet the needs of small and medium sized businesses operating in a wide range of sectors. For further information, visit www.smeinsurance.com
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.