Risk and insurance – the last things you want to think about when starting a business, right? But do you know your professional indemmnity from your public liability?
It seems that the majority of small firms are actually pretty clued-up about these things – new research by Enterprise Nation sponsor AXA has shown that 81 per cent are aware of some or all of the risks they face, and an encouraging 75 per cent have an awareness of the kinds of insurance they need to protect themselves when kicking off their new venture.
But that still leaves quite a few businesses in the dark about what they need to do to protect their enterprise and where to go for information – 19 per cent of small and medium-sized businesses surveyed could not identify a risk facing their business and one in four said they did not know what kind of insurance they needed when they launched. Moreover, AXA’s research has also shown that three-quarters of small businesses would struggle to survive a business interruption without insurance to protect them if something goes wrong.
So it’s important to be clued-up, even though it’s not the most glamorous part of running a new business! That’s why AXA has created a more engaging way to help start-up and small-business owners understand what they need to do to get the right sort of protection in place.
Insurance snakes and ladders
Their easy-to-use online snakes and ladders game asks players (small businesses) whether statements related to business protection are true or false, with ‘rolls’ (clicks) of the dice deciding which question they have to answer. Correct answers will see them win points and move forward across the board, rising up the ladders and going back when landing on the snakes.
The game can be accessed at www.axagames.co.uk using your LinkedIn login details. Players can compare their score against their own LinkedIn contacts and are encouraged to discuss related issues with other small businesses on the popular business networking site.
Amanda Blanc, chief executive of AXA Commercial Lines, said: “New businesses are the backbone of our economy and will help drive us forward, so they need to be as prepared for the risks they may face as they grow by taking out as much protection – and the right kind – that they can afford.
“This online game is designed to encourage small businesses, particularly those just getting off the ground, to think about those risks and just what they need to ensure that their particular business climbs the ladder of opportunity, rather than falls down following unexpected disaster. It’s intended to be a fun way of getting a serious message across: without the right protection, a small business may not survive a pitfall.”
The launch of the game and the research findings coincide with the company launching its first direct business insurance service for small businesses.