Start-up businesses are powering UK growth, but must protect against business failure, says AXA
As new research has found that three in four businesses would struggle to survive a business interruption without the proper cover, AXA Business Insurance is launching an online game through LinkedIn to help businesses assess the risks they face.
The aim of the ‘Snakes and Ladders’-style game is to encourage small businesses to consider what risks they face, and what insurance they need in order to thrive.
Research carried out by AXA Business Insurance has found that many are starting up with little awareness of the risks they face, nor the knowledge of how to protect themselves: 19% of UK SMEs surveyed could not identify a risk facing their business.
Moreover, one in four of those surveyed said they did not know what sort of insurance they needed when they launched, with being new to running a business and not knowing where to go to for advice cited as the major reasons.
The easy-to-use online game, accessed via LinkedIn login details and is available at www.axagames.co.uk, 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. Players can compare their score against their own LinkedIn contacts and are encouraged to discuss related issues with other small businesses on LinkedIn.
Amanda Blanc, CEO 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, ensuring they can get not only the bespoke protection they need, but also the support.
Notes to Editors
About AXA Business Insurance
AXA is one of the largest general insurers in the UK and underwrites a broad range of products for individuals and businesses. AXA Commercial Direct offers business insurance for sole traders, the self-employed and small businesses through its website www.axainsurance.com/business and is designed to make buying insurance fast, secure, convenient and easy-to-use. Small businesses can choose Public Liability, Employers’ Liability and Professional Indemnity insurance and can tailor cover to their own requirements.
AXA Group is a worldwide leader in insurance and asset management, with 216,000 employees serving 93 million clients. In 2010, IFRS revenues amounted to Euro 91 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,104 billion in assets under management as of December 31, 2010.
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