The only thing the insurance industry can agree on when it comes to SME is that it stands for small to medium-sized enterprises.
The Companies Act 2006 defines an SME as a company with a turnover of no more than £6.5m and no more than 50 employees. For medium size companies the limits are no more than £25.9m of turnover with up to 250 employees. However, in the insurance industry some people base it on premium, some on turnover, and others on employee numbers. Replies to the question of “what is