Seguros y pensiones para todos

Insurance for SMEs:  let’s keep them going!

Home > Blog > Insurance for SMEs:  let’s keep them going!

Insurers have designed a whole world of solutions for the peace of mind of small and medium enterprises to keep their entrepreneurial spirit going.

In 2020, specifically between the first and third quarters of the year, Spain lost just over 200,000 companies. The most badly affected were SMEs with between one and five staff, accounting for 21.5% of total losses. This is a huge figure to which, in addition, we must add the 327,000 freelancers who also had to wind up their activities in the same period.

A lesson in tough times

However, despite the fact that the coronavirus crisis suffocated many businesses, the truth is that it couldn’t dampen the entrepreneurial spirit of our country: according to the Global Entrepreneurship Monitor (GEM) 2020-2021 Report, Spanish entrepreneurship was above the world average. In fact, many businesses were created in record time to try to respond to the unprecedented needs that the health crisis was generating. A valuable lesson during a very tough time.

Serious difficulties

It is true that the spirit of Spanish entrepreneurs grows in the face of adversity, but it is also true that, before the pandemic, SMEs have been forced to cope with some serious difficulties, including: access to credit, high levels of bureaucracy, non-payment by clients, and a tax rate much higher than the European average.

Thus, the insurance sector has provided a safety net for years to cover difficulties and unforeseen events that put the continuity of 99% of the Spanish business fabric at risk. It is vital to protect a group that employs two out of every three salaried workers in Spain. Indeed, there are already specific insurance policies designed for SMEs which can also be configured à la carte depending on the type of business, its size, facilities, etc. A whole range of customized solutions that share one objective: to protect every business so its operations can continue.

Insurance for every SME

There is a policy for every need, from insurance that covers unforeseen events such as floods, fires, electrical failures or theft, through to accident insurance for workers, civil liability and credit insurance, and finally cyber risk insurance, which covers SMEs from the growing threat of cyber attacks due to the increased use of remote work devices. The insurance industry has designed a world of solutions to bring peace of mind to the true economic locomotive of our country.The goal? To make sure the entrepreneurial spirit that we so badly need keeps on going.

You may also like…

Roadside assistance: the insurance that gets you out of trouble

Roadside assistance: the insurance that gets you out of trouble

What roadside assistance insurance offers, as its name suggests, is help and a whole series of solutions when your vehicle is immobilized due to a mechanical breakdown or mishap: transfers in tow trucks, cabs, ambulances, etc. Roadside assistance is, therefore, the...

The ICT talent revolution in the insurance sector

The ICT talent revolution in the insurance sector

This new way of understanding insurance company management uses technology to create new products and personalized services for its customers and relies on innovations such as big data, blockchain, artificial intelligence, cloud computing, machine learning and the...

Your pets, even more secure

Your pets, even more secure

The aim of this regulation is to establish obligations to protect animals, care for them in decent living conditions, guarantee their rights, promote their healthy development, prevent their ownership from causing danger to others, train them with non-violent methods,...

What is your investor profile? We will help you find out

What is your investor profile? We will help you find out

The Spanish National Securities Market Commission (CNMV) defines your investor profile as the relationship between the risks you are willing to take and the returns you expect to earn. In other words, how much you are willing to risk, or not, for the possibility of...

The 7 stages of financial freedom. Which one are you in?

The 7 stages of financial freedom. Which one are you in?

Dividing that journey into stages will help you gain perspective on where you are and how stable your personal finances are. It will also help you see your progress much more clearly and keep your motivation high. There is no one single way to divide up these stages...