Majority of SMEs have inadequate cover
Less than one in three (30%) small to medium sized enterprises (SMEs) in Europe believe they are insured in the event that a professional mistake leads to them being sued, according to research from Hiscox.
The insurer said the findings suggested that the insurance industry could do more to educate the sector about professional indemnity insurance and the risks of running a small business.
The second DNA of an Entrepreneur study carried out by Hiscox among nearly 1,000 small business owners in the UK, Germany, France and the Netherlands also found that only 22% of those surveyed were aware of what insurance is available and what risks can be covered. This figure reduced to just 19% for UK SMEs
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