Protection and private medical insurance medical advisers looking to support SME businesses and grow the overall health benefits market – and in turn UK plc – have seen some potential avenues of growth laid out thanks to new research.
A poll by small business insurer Simply Business has found that despite the recession, 2021 is set to be a year of growth for “a whole host of SMEs”.
Home bakers, couriers, mobile hairdressers and property maintenance are some of the professions set to boe behind the surge.
Small businesses in Wales are projected to see a 31% increase in activity, while those in North West England could see a similar (29%) increase.
Scotland, with a projected 28% increase, is expected to be another of the UK hotspots for new SME growth.
Information extracted from the Simply Business customer base of over 750,000 small business customers from across the UK, conducted in January 2021, also showed that roofers (29%), gardeners (25%), electricians (24%), cake makers (24%), online retailers (18%) and builders (11%) are all expected to see growth.
Protection analysts say the trend could lead to an increase in the demand and need for cover – for self-employed, SME and other types of small businesses.
Alan Thomas, UK CEO at Simply Business, said that small businesses and the self-employed have been hit harder than most by the effects of this pandemic.
But said: “It’s encouraging to see green shoots of growth emerge, particularly those seizing opportunities to make viable small businesses in the home baking, courier and delivery and domestic services industries.
“SMEs play a pivotal role in the UK economy by generating £2 trillion annually and accounting for 99% of all British businesses. Put simply, for the UK economy to recover, we need UK small businesses to recover and drive the next phase of our growth.”