SMEs worry about risks, but don’t insure against them.

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SMEs worry about risks, but don’t insure against them.

A recent Industry survey by one of Australia’s largest General Insurers, Suncorp Group, found 61% of respondents are not as well insured as their Owners believe.

Some 80% rank “Being unable to Trade” as one of their top concerns.

Many of those were also concerned they didn’t have, or had inadequate, Business Interruption Insurance.

Another major concern was equipment breakdown with most respondents believing they were not covered.

“A major concern is many SME owners perceive they know about insurance but the reality may be quite different,” says Anthony Pagano, National Commercial Manager for Suncorp Group.

“There is a risk gap. They have major fears about the business failing yet they’re not sure if they have the right insurance cover in place to prevent that failure.

“To put it succinctly, small business owners are confused about how well they are covered by their insurance.”

For the first time in its five-year history, the Suncorp surveyed SME owners on their main concerns.

Almost half are worried about increasing costs, while 42% fear an economic downturn and just over a third are concerned about increased competitor activity.

Workplace accidents, cyber attacks and being sued are also concerns for many.

“The research shows that small business owners are looking for help in not only making sure they are adequately insured but also in running their businesses,” Mr Pagano said.

Action Plan :

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