62% of SMEs likely to be underinsured

Dynamic Business: 62% of SMEs likely to be underinsured

Originally published: Dynamic Business, 18 November 2019

Almost 9 out of 10 small business owners agree that an insurance claim has the potential to put them out of business, cause them to lose revenue, or dry up cash flow.

Despite these statistics, 62 per cent of SMEs said they are unlikely to have the right insurance in place to protect their business.

The QBE SMEs and Insurance: A pulse check on risk trends for businesses report, launched last week, surveyed over 600 Australian SMEs[1]on their insurance habits. The results revealed that if faced with a claim, a majority of SMEs would likely run up large personal debts to pay these, with 33 per cent admitting to simply not knowing where the money would come from or how they would finance the legal costs.

[1] Pureprofile research study of 609 Australian SMEs completed for QBE Insurance during April 2019

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