Business owners say the fear of failure and personal financial loss are the worst aspects of running a business, according to a high street bank.
Lloyds TSB are publishing the findings of a new survey ahead of ‘Small Business Advice Week’, which they will be running from September 11-17.
However, despite these understandable fears the bank says that small business owners often take unnecessary risks, which could jeopardise their entire futures, out of desperation for success.
Lloyds want entrepreneurs to invest more into insurance schemes, so they have greater protection if their dreams turn into nightmares.
Gary Hurry, senior marketing manager at Lloyds TSB Insurance, says that one in four companies do not have adequate insurance cover.
He said: "No matter how well a business is run, disaster can strike at any time, putting any business at risk.
“As a small business owner, it's only natural to put all your effort, energy and money into your business, therefore it's essential to make sure you have all your bases covered.
“When it comes to taking out insurance for your business it can be a minefield of different covers so it's no wonder that confusion exists.
“Different businesses have different business insurance needs so make sure you take time out to contact your insurer who can assist you in getting the right level of cover specifically for your requirements.”
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