Insurance · 22 December 2015

The small business advent calendar: December 22 Another door opens

no business insurance
Over the days leading up to Christmas well be revealing one juicy morsel of small business reading every day
As Christmas draws even nearer, today’s door reveals something which should be on your micro firm’s wishlist if it isnt already.

Despite a swathe of high profile cyber security breaches in 2015 as well as severe flooding in the North West of England? some 22 per cent of the small firms’surveyed by insurer Aon recently had no business insurance in place at all.

Micro firms were far less likely to have insurance than slightly larger businesses especially when it came to cover for buildings and employee injuries.

Less than a quarter of firms with a turnover of less than 1m were protected by property insurance and only five per cent of small firms in IT and telecoms were insured against cyber attacks.

there have been a range of high profile cyber attacks and an increased feeling of insecurity in recent weeks underlining the uncertain world we live in. Cyber crime is a significant risk and security concerns should be top of mind for any business owner, said the managing director of Aon Affinity, Chris Lee-Smith.

our research suggests that whilst general economic confidence in the SME sector is improving, many decision makers are overlooking the need to protect their business from very real risks that could derail growth plans, he added.

Since the survey was conducted in November, another prominent data breach has come to light, with 3.3m of data stolen recently from children’s website Sanrio Town forcing cyber security back into the limelight just weeks after another children’s brand, VTech, was targeted.


 
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ABOUT THE EXPERT

Hannah Wilkinson is a reporter for Business Advice. She studied economics and management at Oxford University and prior to joining Business Advice wrote for Kensington and Chelsea Today about business and economics as well as running a tutoring company.

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