Importance Of Business Insurance For Smes

If you are running a successful SME then you have almost certainly worked very hard to achieve it. But have you stopped to consider what would happen if something unexpected occurred? Below we look at the importance of business insurance for SMEs with an accompanying infographic.

Importance Of Business Insurance For Smes Infographic

Small and medium-sized enterprise is the heart of the UK economy, consisting of 99.9% of the business population. SMEs generally have less than 250 employees and can be medium-sized, small, or micro-businesses. There are a large range of business insurance policies available to protect your SME against financial loss if something unexpected happens.

The gig economy has been the fastest growing industry during the last 12 months. It involves the exchange of labour for payment between individuals or companies via the internet. These types of digital platforms match providers and customers, on a short-term, payment-by-task basis. The main reason for this huge growth is because there is no real cap on the earning potential. How much a worker in this industry can make often depends on how hard they’re willing to work. 

Companies also prefer this style of employment due to it being cheaper for them to operate. Hiring someone full time means paying them a fixed wage, plus providing an office, holiday pay, sick pay, maternity leave and other benefits. The emergence of COVID-19 has also had a significant positive impact on the gig economy over the last 12 months.

Insurance forms an obvious part of the gig economy too. 42% of gig workers provide courier services and gig workers are often vulnerable, sometimes being exposed to dangerous situations. If a person delivers parcels on a bike, they could be involved in an accident. For this type of work, it is critical that the right business insurance policy is in place.

Ashburnham Insurance provides flexible and comprehensive business insurance. Contact us on FREEPHONE 0800 1696137 to find out more.

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