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According to the conclusions of the latest Entrepreneur DNA study, prepared each year by insurer HISCOX, we cannot be entirely proud of the level of protection for entrepreneurs in Spain compared with Europe and the rest of the world.
One of the conclusions reached by the report is that Spanish entrepreneurs are among those who take out the fewest liability policies. The difference is striking when comparing the 21% of entrepreneurs in Spain with 63% in neighbouring France.
New SMEs and self-employed professionals in Spain also perform poorly when analysing how many know whether they are covered against a specific risk, only 4%, and especially when we see that 14% only take out basic cover for their property, transport and what is required by law.
When asked whether they understand the policy they have taken out, Spain also scores worse than the other countries analysed in the study. In Spain, 29% answered no, compared with 26% elsewhere.
However, in the section of the report analysing protection against cyber attacks, it is revealed that only 16% of Spanish SMEs have taken out insurance for this risk, whereas in the other countries the figure is 8%.
In any case, if we want to look at the positive side of the report, we can conclude that there is considerable growth potential in the Spanish business insurance market.
To view the full study, you can click the following link:
View the full Entrepreneur DNA report
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