Hiscox Survey of US and UK Small Business Owners: US More Health-Conscious, Less Stressed and More Optimistic about their Economic Prospects
New York, NY – May 15, 2012 – Mirroring the economy in their countries, US small business owners are feeling more optimistic about their businesses and are taking better care of themselves than their UK counterparts, according to a new survey by Hiscox, the first and only US insurer to enable small businesses to purchase business insurance direct and online in real-time. US entrepreneurs are also more physically active and maintain a better work-life balance than their UK peers.
The survey results:
Who works more? UK entrepreneurs work an extra day every year compared to the US (average of 8.52 hours/week vs.8.4)
But the US exercises more… US small business leaders are more active, exercising an average of 3.2 hours per week (2.8 in the UK)
Doctor can wait: Only 29 percent of UK small business owners are getting an annual medical check-up compared with 59 percent of respondents in the US
UK environment more challenging? UK business leaders were also more likely than their US counterparts to think their businesses faced more challenges now than they did 12 months ago (54 percent vs. 43 percent)
US more confident: US small business owners are generally more confident than their counterparts in the UK about the prospects for their business (54 percent vs. 48 percent) and the likelihood that their business will grow (57 percent vs. 50 percent)
And feeling better…29 percent of US entrepreneurs are feeling better today than they were at the beginning of the economic downturn versus 23 percent in the UK
But, everybody needs a vacation US business leaders are less likely to take a vacation this year than their UK peers (46 percent vs. 55 percent)
“As the US economy begins to bounce back, we see the effect on small business owners here,” said Kevin Kerridge, Head of US Direct at Hiscox. “We can see that the state of the economy and the health of business owners are intertwined and it is good to see some of the positive sentiments expressed by US entrepreneurs that illustrate their belief that the economy is improving.”
Despite the pressures of running a small business, entrepreneurs in both the US and the UK believe they have a healthy work-life balance (76 percent and 68 percent respectively). That said, 54 percent liked to be the first person in the office; 55 percent are the last to leave; and 39 percent believe that working long hours helps them lead by example.
“The trick is to know your personal tipping point and then to take action before intensive stress occurs,” said Psychologist, Donna Dawson. “This involves protecting physical health through frequent check-ups, exercise and other moves such as reducing working hours and improving diet and sleep routines, as well as developing mental strategies such as relaxation techniques which can tune out or minimize ‘negative’ stress.”
About Hiscox Small Business Insurance
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Hiscox is the first company in the U.S. to offer insurance for professional services businesses with 10 employees or less direct, online, and in real-time. We provide professional liability, general liability and business owner’s insurance, underwritten by Chicago-based Hiscox Insurance Company Inc., which is rated ‘A’ (Excellent) by A.M. Best Company. Additional information can be found on the Why Choose Hiscox? page. Coverages are subject to underwriting and may not be available in all states.