More and more women are starting up in business as a reinvigorated entrepreneurial spirit is evident in the UK economy.
More and more women are starting up in business as a reinvigorated entrepreneurial spirit is evident in the UK economy. Its not just businesswomen branching out on their own, but a substantial number of what have become known as mumtrepreneurs –mums who are determined to build a business alongside bringing up children.
In fact, the figures suggest, there are now 46 women in the UK starting a business for every 100 men. At present 27 per cent of self-employed people are women and there are roughly 620,000 majority women-owned businesses in the UK generating some £130 billion turnover.
The insurance market has not been oblivious to this trend. To meet the needs of this ever-growing market of businesswomen, small-business insurer More Th>n Business (www.morethanbusiness.com) has launched a package especially designed for meet their business needs.
A key element of the new package is that when taking out policies, women running small businesses can deal with a dedicated team of female-only business insurance experts. This follows recent research by the insurer which revealed that women prefer to talk to other women about business issues. The female experts are also highly trained in small-business risks to ensure customers get a tailored product to suite their exact business needs.
According to research, female small-business owners are also more likely to use external advice than male business owners. With this in mind, the policies also include a 24-hour free advice line on matters such as legal advice from qualified solicitors, health and safety issues, as well as stress counselling for those who need to talk about their business pressures to a professional. There is also a free helpline during working hours giving guidance on VAT, PAYE and other tax issues.
Even the smaller details have been considered. Shop and office policies offer £500 worth of cover for the handbag contents of directors, partners and employees. and other business essentials whether at home or on the move. This is in addition to the usual business essentials, including office or shop cover for robbery, personal injury and money or stock in transit.
Because safety is a priority, and may be even more of a concern to women than men, More Th>n Business aims to get a glazier out to deal with broken windows within two hours. For drainage, locks and door problems, the aim is for to get an expert there within four hours.
Cover can start from as little as £6.90 per month and, to help fledgling businesses, More Th>n Business will not charge a penalty fee for paying monthly instead of annually.
Nicola Carver, head of womens insurance at More Th>n Business, says: "Small-business women in the UK are a phenomenal force yet their needs and wants can often be different to those of their male counterparts. We went out and asked business women what they really want in business, and overwhelmingly it was to talk to other women so thats why we have a team of women who understand other womens business needs."