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

Most cancer self-referrals are for women in their 30s and 40s: Healix Health

Most cancer self-referrals are for women in their 30s and 40s: Healix Health

Claims data for Q2 2026

Jaskeet Briah
clock 19 August 2026 • 1 min read
Unemployment up 0.2% in Q2 2026

Unemployment up 0.2% in Q2 2026

Rate cut chances fade

Michael Nelson
clock 18 August 2026 • 2 min read
82% of employees want proactive return-to-work support: L&G

82% of employees want proactive return-to-work support: L&G

Most employers would value more industry support

Jaskeet Briah
clock 18 August 2026 • 2 min read