It’s not been an easy time for business owners over the last few years. As they were grappling to understand new requirements resulting from Brexit, a completely unanticipated challenge arrived in the form of the Covid-19 pandemic. Many businesses proved themselves extremely agile in adapting to ‘new ways of working’ and survived through flexing business models and changing their operations.
More recently businesses have been impacted by the rising cost of living, higher inflation and energy prices. Small and medium enterprises (SMEs), which are more vulnerable to fluctuations in the economy, seem particularly apprehensive about the implications; a recent GlobalData survey revealed that 78.3% of SMEs in the UK were concerned to some extent about the ongoing cost-of-living crisis, with 52.0% either ‘very concerned’ or ‘extremely concerned’.
Given the mounting pressures on business leaders, some may be considering changes to their operations and procedures to gain efficiencies. This, in turn, can have implications for insurance requirements in terms of the type and level of cover.