SME Businesses play a vital role in our UK economy. According to https://commonslibrary.parliament.uk/ there were approximately 5.5 million SME (Small Medium Enterprise) businesses operating in the UK during 2024, which represented 99% of the complete business population.
A business is classified as an SME if it employs under 250 staff members; at present, this accounts for approximately 60% of UK employment. And SME businesses currently account for 48% of total business turnover, which is a crucial proportion to support our UK economy.
Popular geographic hotspots for established SME companies can be found in the West Midlands, the Northwest, plus London and the Southeast. Sectors include professional services like accountancy, legal services and IT, plus other industries such as construction, engineering and manufacturing, retail, hospitality and tourism, and finally digital marketing and advertising.
Finding the right SME business solution
Are you operating an SME business and looking for business insurance compliance to ensure that your company, staff, stock and / or services are protected? Are you looking to reduce the impact of financial loss due to unforeseen circumstances? Here, are JRW Risk Solutions we take time to understand a business and get to know clients. In doing so, we can support companies with a range of SME business insurance products. Our tailored commercial insurance services are in place to protect companies against issues like property and equipment damage, liability for occurrences such as product failure or public / employee injury, business interruptions and cyber threats.
From new and ambitious startups to established and experienced businesses, our team is on hand to provide competitive, high-quality insurance protection to suit many SME business types. To find out more about our commercial insurance services, please visit – https://jrwrisksolutions.co.uk/commercial/