Over 16 million people are employed in the SME sector, dominating 60% of all private sector employment, according to industry data. These numbers reflect a 26% growth since 2000 in the number of small businesses. However, running a successful SME doesn’t come without risk. Here are the top risks facing SMEs, as reported by SMEs:

Data loss, misuse or theft—In light of stricter regulations and hefty noncompliance fines under the GDPR, the potential implications of a cyber-attack on SMEs has become increasingly detrimental.

Brexit’s impact—With less than a year to go until Brexit occurs, uncertainty is on the rise for SMEs’ changing workforce due to forthcoming updates to working regulations.

Theft and malicious damage—Apart from a cyber-attack, material theft of goods and equipment comes with a serious cost to SMEs.

Lack of technology—In an era of digital innovation, SMEs run a risk by not staying up to date with workplace technology trends.

Business interruption—As with any business, the risk of unexpected disaster, such as a fire or flood, is significant.

Contact Lockyers today to discuss your cover options.