At work or play? Small business owners are always on

17th August 2011
  • 14% don’t separate personal and professional social media activities
  • 13% of small business owners don’t achieve a good work/life balance

 

London, UK (17th August, 2011) - New research* from specialist business insurer Hiscox shows that small business owners are flexible when it comes to managing their work / life balance – in order to spend time with the family and to maximise opportunities for their businesses.

Nearly half of small business owners (46%) cite flexible working hours as their main way of achieving a healthy work/life balance, followed by scheduling time with family and friends (17%) and leaving their work at the office (10%). However, the office is never far away for small business owners. Only 9% cited not working on weekends and only 3% cited keeping their Blackberry, or other mobile device, away from the bedroom and the dinner table as the main way they keep their life balanced.

Some small business owners’ use of social media across their personal and business life is also blurred. While 27% indicated that they used separate business and personal accounts to avoid confusion, over one in ten (14%) have no separation and live their brand in everything they do. This makes sense as 13% of all respondents reported that they don’t achieve a good work/life balance.

Deepak Soni, small business insurance expert at Hiscox, commented: “With the continued evolution of communication channels, the pace of business is constantly moving and our SME clients are feeling the pressure to stay connected to remain competitive.”

The research, which was carried out amongst 305 UK SME owners and decision makers, also looked at the key motivators of small business owners:

What motivates SME owners to drive their business forward most?

  • 39% - Providing financial stability for themselves and their family
  • 25% - Personal ambition/recognition
  • 20% - Belief in their product/service
  • 12% - Desire for wealth

Deepak Soni added: “Despite the challenges in the macro economy, the results show SME start-ups are committed to driving their businesses forward and exploring all opportunities, even if it means sacrificing personal time.”

For further information about Hiscox, specialists in a variety of insurance packages ranging from professional indemnity insurance through to home and contents insurance, please visit www.hiscox.co.uk.

Ends

For further information please contact:

Hiscox Ltd

Johanna Boland Group Communications +44 (0)20 7448 6494 [email protected]
Aimee Baxter CJP Communications
(for Hiscox)
+44 ((0)20 7074 1836 [email protected]

 

 

Notes to editors

 

*Hiscox commissioned research with Opinium Research among 305 owners, partners and senior decision makers from UK SMEs with 1 to 249 employees between May 18 and June 1, 2011.

About Hiscox

Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited, Hiscox Europe Underwriting Limited and Hiscox Syndicates Limited are authorised and regulated by the Financial Services Authority.

For further information, visit www.hiscox.com


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