The study, which surveyed 528 small and medium sized businesses, also found that changes within the industry was also a common concern for Northern SMEs, with 27% of those surveyed listing it as a risk to their business. Businesses also cited fears over data protection and cybercrime which was also a concern for 27% of Northern businesses surveyed.
By contrast, legal issues were the least pressing concern for Northern SMEs with just 10% of surveyed businesses perceiving it as a high or extreme risk to them.
The results mirror the concerns of businesses nationally, with 30% of all businesses surveyed citing their reputation as the most extreme risk to their business, making it the most commonly voiced concern for SMEs nationally.
In light of the survey, H&H are offering new advice to businesses designed to combat these fears. With accidents at work being a common source of bad press for businesses, conducting risk management surveys is a cost effective way to uncover and solve risk factors before the worst should happen.
Commenting on the findings Alan Green, Senior Account Exec, at H&H Insurance Brokers Ltd said: “These findings show that businesses in the North, and nationally are most concerned with managing their reputation and the way others perceive their brand and because of this, it’s crucial that they take care to manage their image.
Conducting a professional risk management survey of their business will help them avoid the sort of health and safety incidents that can lead to bad publicity, while having access to legal advice and crisis management is crucial for diffusing situations that could otherwise be reputation-damaging. Above all, they should take care to offer their customers and clients the best possible service to ensure that the only talk about their business is positive.”
H&H will continue to work with their clients to ensure that businesses receive the best service possible so that they can continue to serve their own customers to the standards they deserve.
Established in 1987, H&H Insurance Brokers Ltd employs over 30 members of staff across the north of England, Wales and Scotland and are today one of the foremost independent insurance brokers in the country. Increasingly, companies need to ensure that they are adequately insured both from a business protection and legislative perspective; H&H Insurance Brokers offers a broad portfolio of policies across a range of specialisms, with clients ranging in size from small start-ups to large businesses.