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SMEs roll insurance dice

It’s a sobering fact that whilst over two thirds of SMEs in Sydney believe they are adequately insured many are not covered for common risks.

Research commissioned by WFI, found 77% of Sydney SMEs surveyed have no Business Interruption Insurance, while 60% have no Burglary Insurance.

The research found one of the factors for inadequate insurance is the lack of awareness about what type of cover is available. - John Ripepi, General Manager, WFI

WFI commissioned Cameron Research Group to complete a survey amongst 250 small businesses based in Sydney that also revealed 39% have no Business Liability Insurance and 56% have no Personal Accident Insurance.

“I believe many SMEs may be making some assumptions about insurance that aren’t accurate,” Mr Ripepi added.

“For many small business owners, insurance is a ‘set-and-forget’ part of the paperwork; however, it’s important to ensure that cover is sufficient enough to keep a business protected.

“It can be devastating for any small business owner when their business has to close because they weren’t adequately covered.

“Underinsurance is endemic in small businesses in general, leaving them vulnerable to risks.”

WFI recently opened a Sydney metropolitan office due to the high number of SMEs operating out of New South Wales.

“Sydney has the largest number of SMEs in Australia, so we believe increasing our presence here will help those businesses thrive,” Mr Ripepi said.

“We’re looking forward to working with small business owners in Sydney and giving them the kind of personal service we’ve been providing across Australia for more than 90 years.”