The research found that Brexit is not perceived as a risk by the majority of businesses, with 70% stating that leaving the EU will either have no impact at all (43%) or will have a positive effect on their business (27%). However, SMEs identified a range of more significant threats which many companies are not sufficiently protected against.

Twenty-eight percent of SMEs in the UK say they would go out of business if faced with an unexpected bill of £50,000, yet 58% are not insured against any of their top three risks.

Top risks for UK SMEs

The top three risks businesses identified were:

1. Economic uncertainty (35%)

2. Increasing market competition (35%)

3. Cash flow (31%)

Additionally, almost nine in 10 (88%) insurance brokers see underinsurance as a problem for their SME clients, showing that businesses which do have insurance in place are at risk as well due to their coverage potentially not being sufficient enough to cover the full cost of repairing the damage caused by unexpected issues.

RSA Insurance Group plc published this content on 30 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 November 2016 12:33:06 UTC.

Original documenthttps://www.rsagroup.com/news/press-releases/2016/future-impacts-report-by-rsa-shows-two-thirds-of-uk-smes-dont-see-brexit-as-threat/

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