
Are Small Business Owners Taking On Too Much? [INFOGRAPHIC]
Embed Image
The “can-do” attitude that makes small business owners successful, could also be their Achilles’ heel, according to a Hiscox survey.
Our research found that despite 64% saying that legal issues should be handled by professionals, only 26% of small businesses actually employ full or part-time legal and/or accounting help. Passion drives entrepreneurs, pressure is part of the package 36% of the surveyed entrepreneurs reported that their passion gets them through tough times, while 40% believe pressure is what they signed up for. However, passion could be clouding entrepreneurs’ perceptions of when they need to employ outside help for specific tasks. A full 76% of small business owners surveyed said that either their skills gap is not a threat or that they are able to plug the gap with professional expertise when needed.
Knowledge gaps pose problems Small business owners admit that they lack knowledge in key areas, including legal (56%), taxes (36%), IT (34%) and insurance (31%). Despite the potential hazards of legal and financial errors, more business owners employ a full-time communications officer than an accountant or in-house legal counsel (8% and 5%, respectively). Only 7% of small business owners would opt for an accountant or lawyer if they could make another full-time hire.
Protect the business you’ve worked so hard to build. Get a fast, free quote and your business could be covered today.
Related Articles

Neurodivergent? Use your unique talents to succeed
Neurodivergent? Use your unique talents to succeed
Are you a neurodivergent small business owner? This guide is tailored specifically for you, providing tips and strategies to thrive in the business world.
Read More
Considering starting a new cleaning business? Here's what you need to know
Considering starting a new cleaning business? Here's what you need to know
Looking to turn your impeccable cleaning skills into something more? Follow these steps to help launch and protect a successful new cleaning business.
Read More
Believe: And 7 more important business lessons from Ted Lasso
Believe: And 7 more important business lessons from Ted Lasso
People love Ted Lasso for the title character’s wit and wisdom. While his team learns plenty of lessons on the field, many are applicable in business settings too! Find out how you can use this sage advice in your day-to-day.
Read MoreWe provide tailored insurance for the specific risks you face, so you can take the right risks to grow your business.