Third of SME owners have no biz protection

Business is main source of income for 67% of SME owners

clock • 1 min read

A third (34%) of SME business owners do not have any form business protection in place, posing a threat to their financial security according to research from Vitality.

This is despite 67% of SME business owners admitting their business is their main source of income.  In a survey of 501 business owners, Vitality found that many owners had simply not considered a worst-case scenario and how their finances would suffer if their business could not function.  Two fifths (41%) of respondents admitted they had never considered the impact if they or a significant person were unable to work through illness or death.  In this scenario, only 20% believed family members could step in if required.   The issue of business protection has rec...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Group Protection

Former AON CEO David Battle joins Healix

Former AON CEO David Battle joins Healix

Shaping strategic vision

Jaskeet Briah
clock 09 May 2024 • 2 min read
L&G launches workplace burnout prevention model

L&G launches workplace burnout prevention model

"Addressing the negative culture first is paramount"

Jaskeet Briah
clock 08 May 2024 • 2 min read
94% of insurance counselling appointments accessed by employees: ABI

94% of insurance counselling appointments accessed by employees: ABI

More customers are using health services through protection

Jaskeet Briah
clock 07 May 2024 • 4 min read