AXA Business Insurance

Entrepreneurs Going Solo Risk Illness That Could Close Their Business

Entrepreneurs Going Solo Risk Illness That Could Close Their Business

44% of UK small businesses would lose income and be forced to shut their doors if the owner was stuck by illness or had an accident, according to a report by AXA. Of the UK’s five and a half million small firms, just under four and a half million are run by just one person – suggesting a business’s day-to-day running rests solely on the health of this individual. 31% of enterprise owners admitted their business could continue to operate if they were sick, but only if their family stepped in to ease the burden, with 5% admitting they’d rely on their parents to help out. Just 28% said they could afford professional help if they suddenly were unable to complete their job, with the average business owner saying they could only afford to keep their business afloat for three months on their curr... »