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Business risks such as loss of income and customers not paying are the biggest threats to small and medium businesses in the UK according to a survey from Barclays Business Insurance. These financial worries pose a bigger threat in the eyes of small business owners than external threats such as terrorism and storm damage.
Ciao Group conducted the survey on behalf of Barclays. 509 owners of businesses with annual turnover of up to £1 million were questioned from 22nd to 25th January 2007.
The table below shows the threats which survey respondents identified and how concerned they were about each one:
| |
Worried or very worried |
Not worried |
Loss of income |
39.6% |
35.5% |
Customers not paying |
36.4% |
39.9% |
IT / equipment breakdown |
28.0% |
47.4% |
Burglary / theft |
26.3% |
44.2% |
Breakdown of vehicles |
23.2% |
51.4% |
Being sued |
17.9% |
62.3% |
Personal injury on premises |
16.4% |
67.7% |
Vandalism to property |
14.4% |
69.0% |
Mobile phone loss or damage |
13.4% |
61.0% |
Employee fraud |
10.3% |
78.9% |
Other storm damage |
10.2% |
71.9% |
Terrorism |
5.3% |
88.3% |
Flooding |
4.9% |
87.1% |
Subsidence at premises |
0.8% |
80.2% |
The next table shows which threats have actually been experienced by survey respondents:
| |
Threat experienced? |
Customers not paying |
50.5% |
Computer / IT breakdown |
38.1% |
Breakdown of vehicles |
29.5% |
Loss of income |
25.0% |
Mobile phone loss / damage |
21.2% |
Burglary / theft |
15.5% |
Vandalism to property |
9.6% |
Other storm damage |
9.0% |
Premises flooded |
5.5% |
Employee fraud |
4.7% |
Personal injury on your premises |
4.7% |
Being sued |
3.3% |
Subsidence at premises |
1.8% |
Terrorism |
0.2% |
•Date: 1st March 2007 • Region: UK •Type: Article •Topic: BC statistics
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