Research has shown that 180,000 people started running their own businesses last year and the British SME sector had an overall strong performance. The sector is thriving with business, opportunities and the outlook for 2015 is positive.
In the same year the sector saw an increase in employment with 21% of SME owners taking on more staff and 4% employed people for the first time.
SMEs are the lifeblood of the British economy and it is great to see that so many have increased their turnover in the past year and taken on more staff. The research shows that thousands are leaving themselves vulnerable to prosecutions and fines by the HSE for not having appropriate insurance in place. Getting the right advice on cover from a specialist insurance broker is invaluable for business owners and can make the difference between being able to continue trading or not should the worst happen.
Although the sector is trading well it’s concerning that 80,000 SME’s who employ staff do not have employers’ liability in place.
The insurance needs of a business will vary according to the type of business and the market it operates in, as well as its turnover, stock levels and whether it employs staff. The role of a broker is important and provides business owners with a valuable channel to seek independent advice to ensure they get the right cover for their business needs.
Categories: Commercial Lines