Risk management is an increasing concern for SMEs, according to a Hiscox survey.
The insurer's report indicates 59% of SMEs are spending more time on risk management. More than half of office-based SMEs expressed concern about possible legal action, while 70% are worried about the rise of a “No Win No Fee” culture.
Gary Head, professions underwriting director at Hiscox, said: “The inaugural Hiscox SME Risk Barometer reveals an SME sector under considerable pressure, whether it be dealing with rising energy costs, fighting their way through business taxation rules or interpreting the myriad Government regulations they now face. The continued growth in the UK's compensation culture is very much evident in our findings, which show that a majority of SMEs are rightly worried about legal claims, both spurious and real.”
