The results of GlobalData’s 2017 UK SME Insurance Survey found 28% of SMEs stating their biggest concern was Brexit and political and economic stability.
Despite the continuing media attention surrounding such events, the second biggest concern was the ability to grow and retain a client base, illustrating that traditional business concerns have not subsided.
Perhaps one of the most intriguing findings from our survey is that the third most popular response was having no current concerns (16%).
Other noticeable concerns largely relate to ensuring financial stability. With the recent increase in business rates and a number of other notable changes in business-related costs such as pension contributions, it is unsurprising that financial stability remains a concern.
Further to these financial issues, the increasing cost and competitiveness of recruitment for SMEs has also increased over the years.
The ability to offer benefits and remuneration in line with employee expectations is becoming more challenging, particularly with the current increases in the rate of inflation.
Source for chart below: GlobalData Financial Services