Uninsured Small Businesses Leaving Themselves Open To The Elements
44% of small businesses feel the government and Environment Agency could do more to protect them from flooding
36% of UK small businesses are uninsured for ‘the biggest risks they face”, according to a report by SME Insurance.
The survey of over 1,000 small enterprises revealed that, 34% of businesses with “inadequate cover” cited cyber attacks as the biggest threat to their business, followed by public liability (28%) and more traditional crime such as break-ins (19%).
With regardsto cyber crime and hacking, 30% of business owners admitted they would be most vulnerable to computer viruses, while 22% believe data theft to be their main digital threat – highlighting the importance of cyber security.
15% of respondents even pointed the finger at their staff, suggesting employees’ level of “security awareness” may not be enough to ensure their business is safe from online attacks.
Following the torrential rain, which caused widespread flooding last winter, 44% of small businesses believe the government and Environment Agency could do more to protect them from such natural disaster – with 22% of the belief flood defences need to improved.
Jonathan Webber, commercial director for SME Insurance, said:
“This survey highlights an apparent lack of insurance protection among small and medium enterprises 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.”