The UK economy has been in a pretty healthy condition for a number of years now, which is why it is ...
The UK economy has been in a pretty healthy condition for a number of years now, which is why it is so pertinent Post Magazine is publishing this supplement. Healthy economies stimulate new business start-ups, which fall primarily within the small and medium-sized enterprise sector. The rejuvenation of many UK cities is leading to more diversified local economies - based around SMEs, rather than manufacturing and industrial companies - which is why our cities are brimming with new coffee bars, nightclubs, new technology companies, consultancies and service providers.
While different insurers have different definitions as to what an SME is, the UK is increasingly dependent on smaller businesses for jobs and wealth creation. In many respects, the new breed of SMEs represent all that is good about 'entrepreneurial Britain' and more flexible ways of conducting business. I should know - Aascent is itself an SME.
However, the balance sheets of most SMEs are not large or robust enough to insulate them from the risks that major companies take for granted. This is why it is so important that the insurance industry works closely with SMEs to find new solutions to the specific group of challenges these businesses face. It is about how premium finance providers can better deal with start-ups and assist SMEs in managing the cost of their insurance premiums. For the insurance industry as a whole, it must be about encouraging this sector and offering the protection it needs in order to flourish and add to our national wealth.
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