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SMEs responses when faced with a loss they were not insured for in the UK as of 2016

This statistic illustrates the predicted responses of SMEs in the United Kingdom (UK) when faced with a loss of 50,000 British pounds for which they were not insured, according to senior decision-makers at British SMEs. For an enterprise to be classed as an SME, or small to medium enterprise, it must not exceed a certain number of employees or have a turnover or balance sheet total exceeding a certain amount, with these figures being given in EU guidelines. It can be seen that more than one quarter (28 percent) of SMEs stated that they would likely go out of business if they faced a loss of 50,000 British pounds for which they were not insured for at that time.

What would happen to your business if you faced a loss of £50,000 for which you were not insured?

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Sources

Release date

December 2016

Region

United Kingdom

Survey time period

2016

Number of respondents

1,084*

Special properties

senior decision makers and brokers*

Supplementary notes

*The source states that the report is "...based on field work done by Opinium of 1,000 senior decision makers at U.K. SMEs and broker fieldwork done by Cicero Research involving 84 broker respondents."

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Statistics on "Salaries in financial and insurance sectors in the United Kingdom (UK)"

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