AXA UK research finds only 26% of small businesses have business insurance

AXA UK has this week launched their Startup Angels competition, for the second year, giving six business the chance to win; including two top prizes of £25,000, mentorship from some of Britain’s most successful entrepreneurs and 12-months business insurance

New research from AXA UK has revealed that only 26% of business owners say they have business insurance. This figure is highest in the south-east (43%), dropping to only 9% in Northern Ireland and 8% in the north-east.

The research, which surveyed 500 small business owners in the UK (with under nine employees), found that 40% have additional personal savings to protect them in case their business gets into financial difficulty whereas others feel they would ask family for money (24%) and 11% would ask friends. 

But in terms of emotional support, 44% rely mostly on their partner, while 19% find other entrepreneurs are ones who truly understand them.

Jon Walker, CEO at AXA Commercial commented, “At AXA, we understand the challenges business owners face when starting up their own business but we also know that having right insurance policy will help business owners feel supported and give them peace of mind should the unplanned happen. These businesses are at heart of Britain’s economy and contribute significantly to our society. Unfortunately, not all survive their first year and with high setup costs, getting off the ground can be difficult. This is why we’re so pleased to be running AXA Startup Angel for the second consecutive year”

This week, AXA UK has launched their Startup Angels competition for the second year running. AXA is giving six businesses the chance to win; including two top prizes of £25,000, invaluable mentorship from some of Britain’s best entrepreneurs as well as 12-months of business insurance.

See AXA UK’s ‘The SME Report’ in full HERE

Authored by AXA