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Entrepreneurs losing sleep over credit crunch

Small business bosses are so worried about the effects of the economic downturn, they are losing sleep over it, a survey has revealed.

Almost one in six entrepreneurs and small business managers ‘regularly’ wake up in the middle of the night worry about their business, the research by insurance company Norwich Union said.

Almost half of bosses said a market downturn was their main cause of stress, while a third were concerned about clients defaulting on payments. Almost a quarter said they were also worried about rising utility bills.

The survey also found less than half of respondents have business protection covering the salary or life of a key employee - even though nearly 40% have their own life insurance, and one in five have health or dental insurance.

Trevor Bailey, director of protection, said: “The small business sector is a recognised barometer of the overall health of the UK economy. That a significant number of senior managers are stressed to the point of waking up in a cold sweat is a real concern.

“When business is unpredictable managers look to negate those risks that are within their control. As a result, we are seeing a marked increase in demand for business protection products.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .