Many trades and businesses present their own individual risks, so a standard small business insurance policy may not cover the essential areas that matter most to your business.
When you start to look to for your small business insurance whether it is a renewal or a new policy, consider what you are insuring. How much insurance do your need, what are you covering, do you have employees, are you working from a business premises or do you work from home?
You can protect your business by covering your premises and equipment with building and contents cover, as well as ensuring protection from other potential risks with public liability and employers liability insurance as part of your policy.
With The Business Octopus, employers liability and public liability insurance quotes take into account the requirements of your specific business, ensuring you only pay for what you need.
We have put together some useful facts about business during 2012
- There were estimated 4.8m businesses in the UK, which employed 23.9m people, and had a combined turnover of £3,100 billion.
- SMEs employed 14.1m people and had a combined turnover of £1,500 billion.
- SMEs accounted for 99.9% of all private sector businesses in the UK with 59.1% of private sector employment and 48.8% of private sector turnover.
- Small businesses alone accounted for 47% of private sector employment and 34.4% turnover.
- 62.7% of businesses were sole proprietors, 28% were companies and 9.3% were partnerships.
- 907,000 businesses were operating within the construction industry, which is nearly a fifth of all businesses.
- In the financial and insurance sector, only 25.3% of employment was in SMEs, but in the agriculture, forestry and fishing sector virtually all employment, 95.4% was in SMEs.
- Only 25.5% of private sector turnover was in the arts, entertainment and recreation activities, while 90% was in the agriculture, forestry and fishing sector.
- With 806,000 private sector business, London had more firms than any other region in the UK.
- The South East had the second largest number of businesses with 768,000. Together these regions account for almost a third of all firms.
There are now individual definitions of what now constitutes as a SME, July 2011 the European Commission formed three broad parameters to define SME. Micro entities: up to 10 employees, small companies: up to 50 employees, medium companies: up to 250 employees (updated October 2012)
Tell us, which SME definition you are, where you are located and what your business is?