23% of SMEs could fold if they lost a key person: Scottish Widows

SME research

Cameron Roberts
clock • 2 min read

Nearly one quarter (23%) of small-to-medium-sized enterprises (SMEs) would need to cease trading after one month should they lose a key person, according to Scottish Widows.

The research, which surveyed over 2,000 UK business owners, showed that 10% of firms would cease trading immediately if the business owner became incapacitated due to illness. Scottish Widows said that the uptake of business protection remains low despite this risk. Its research showed that 45% of SME owners said they never sought advice for business protection, 94% said their business relies on more than one key person. The top risks that SMEs were concerned about, according to the provider's research, were: economic downturn (46%), rising costs (34%) and loss of a major client (2...

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