PwC survey finds just one in 10 UK small businesses has cyber cover
Survey also found 18% of global small businesses do not have liability insurance and only half have indemnity insurance
Just one in 10 UK small businesses has cyber insurance, according to a PwC survey, against a global average of 16%.
The survey found 18% of global small businesses do not have liability insurance and only half have indemnity insurance.
Some 2,100 small businesses across the globe were questioned, including 300 in the UK. Insurance purchasing behaviour within small businesses is strongly driven by the existing buying habits of their founders, meaning where personal insurance goes, business insurance will follow, PwC said.
The PwC survey also found an increasing number of small businesses are looking to interact with their insurers online.
More than two-thirds of UK small businesses that intend to switch providers in the next two years plan to do so online, while 43% bought their most recent business insurance online.
More than one-third of UK small businesses also said they would be willing to use sensor technologies in their businesses if it would bring down their insurance premiums.
Jim Bichard, UK insurance leader at PwC, said: “Insurers need to focus on understanding the varied and complicated ways the UK’s small businesses function, as well as investing in ways to deliver a full range of products that will meet their needs.”