According to the annual poll, the top priorities for British SMEs this year are survival (32%), workforce retraining and upskilling (23%), and business resilience planning (22%).
“It is encouraging to see that business resilience planning is one of the top focus areas for SMEs this year,” commented Aviva chief distribution officer Gareth Hemming. “The old saying ‘prepare for the worst and hope for the best’ is relevant now more than ever, and we have a raft of risk management tools to help brokers work with businesses to do this.”
He added: “We believe brokers play a critical role in advising SMEs of their options and making informed choices about the cover they need. To this end we are investing in additional levels of support for brokers across the UK, making it easier for them to access our underwriters and risk managers.
“As ever, it is crucial that businesses engage with their broker to be certain that they are not simply resilient to the risks they face going forward, but that they have cover in place to protect them from the risks they cannot control.”
Meanwhile, in terms of growth, 37% of those surveyed expect to grow in 2022; 41% think they will retain their current size; 13% forecast size reduction; and 2% anticipate closure.
The Aviva survey also revealed that digital is set to remain in the limelight, with 38% of more than 500 respondents planning to increase their online sales and presence. Additionally, 35% will seek to up their digital processes. Notably, 84% of SMEs intend to apply home working as much or more than in 2021.
More than half (51%), however, are concerned about cyber risk. Of the polled businesses, 33% have cyber insurance in place – a leap from last year’s 14%. It was also found that 13% have suffered a cyberattack, while 66% of those who either had a first-hand experience or knew of a breach said the cyberattack happened more than once.
“SMEs continue to demonstrate incredible adaptability and resilience during the pandemic and, as we hopefully move into a post-pandemic period of growth, we believe this will continue,” stated Hemming. “The move to increase online presence and digital processes brings an increased risk of cyberattacks – at a time when businesses can ill-afford further disruption.
“It is good to see the level of cyber cover increasing, particularly among those businesses who plan to increase online or digital activity, but this still leaves two-thirds of businesses exposed to rapidly evolving and varied methods of attack.”
