In-depth: Rise of the SME

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Small and medium enterprises (SME) make up a huge proportion of UK businesses and offer a diverse range of services. It is a big draw for the broker market. SMEs can, according to the Companies Act, be anything from a lone person – perhaps one running a cupcake-making business from their home – to slick, professional organisations with up to 250 employees and turnover of up to £25.9m (see box on page 28).  They all fit under the SME umbrella and this leaves insurers and brokers with the difficu