Only 26% of small industry holders polled by AXA UK said they have business insurance, accentuating the defenselessness of smaller firms in the nation.
The survey polled 500 small businesses (distinguished as having rarer than nine employees) holders in the UK. Geographically, the most insured businesses were in the south-east (43%), while Northern Ireland and the north-east had the rarest at 9% and 8%, respectively.
The survey also found that 40% have extra personal conservations to protect them in case their business gets into financial difficulty, while 24% said they would ask family for cash and 11% would ask friends.
In terms of personal support, 44% of business owners said they rely mostly on their partners, while 19% said other entrepreneurs are the ones who can truly comprehend them.
“At AXA, we understand the challenges business owners face when beginning their industry, but we also know that having [the] right security policy will help business owners feel supported and give them peace of mind should the accidental happen,” said Jon Walker, CEO of AXA Commercial. “These businesses are at [the] heart of Britain’s economy and participate significantly in our society. Unfortunately, not all survive their first year, and with high setup costs, buying off the ground can be difficult. This is why we’re so pleased to be running AXA Startup Angel for the second successive year.”
The Startup Angel tournament was inaugurated by AXA UK this week. The competition will give the two top winners prizes of £25,000, mentorship from renowned British entrepreneurs, and 12 months of industry insurance.