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?
*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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Opinium, & Canadian Underwriter. (December 2, 2016). What would happen to your business if you faced a loss of £50,000 for which you were not insured? [Graph]. In Statista. Retrieved September 21, 2024, from https://www.statista.com/statistics/709496/sme-response-to-large-financial-loss-united-kingdom-uk/
Opinium, und Canadian Underwriter. "What would happen to your business if you faced a loss of £50,000 for which you were not insured?." Chart. December 2, 2016. Statista. Accessed September 21, 2024. https://www.statista.com/statistics/709496/sme-response-to-large-financial-loss-united-kingdom-uk/
Opinium, Canadian Underwriter. (2016). What would happen to your business if you faced a loss of £50,000 for which you were not insured?. Statista. Statista Inc.. Accessed: September 21, 2024. https://www.statista.com/statistics/709496/sme-response-to-large-financial-loss-united-kingdom-uk/
Opinium, and Canadian Underwriter. "What Would Happen to Your Business If You Faced a Loss of £50,000 for Which You Were Not Insured?." Statista, Statista Inc., 2 Dec 2016, https://www.statista.com/statistics/709496/sme-response-to-large-financial-loss-united-kingdom-uk/
Opinium & Canadian Underwriter, What would happen to your business if you faced a loss of £50,000 for which you were not insured? Statista, https://www.statista.com/statistics/709496/sme-response-to-large-financial-loss-united-kingdom-uk/ (last visited September 21, 2024)
What would happen to your business if you faced a loss of £50,000 for which you were not insured? [Graph], Opinium, & Canadian Underwriter, December 2, 2016. [Online]. Available: https://www.statista.com/statistics/709496/sme-response-to-large-financial-loss-united-kingdom-uk/