How we operated in the past would not be relevant in the future, we would need to be more data driven and innovative, we’d need shorter cycles to develop products and be able to go to market very quickly and to design things from the customer’s point of view.
SMEs in Hong Kong are mostly upbeat about their business, but not the broader economy, according to a research study entitled ‘SMEs: Navigating Opportunities and Risks’ and commissioned by QBE Hong Kong. The finding is alarming as SMEs seem to be underestimating the emerging risks and underprepared amid global and market volatility. In fact, many are under-protected against some of the most common risks. Given that they employ nearly half of the workforce in the city, the consequence could be profound for the business and possibly the economy at large.
Hong Kong businesses are more likely to seek business liability and professional indemnity insurance only after an incident or crisis occurs, according to research by QBE. As a result, these companies are missing out on the potential opportunity for compensation when something does happen – putting themselves, their businesses, employees and customers all at risk.
QBE’s ‘The Risks of Regret – Business Liability and Professional Indemnity Report 2017’ examines some of the key challenges facing businesses in Hong Kong and how they are tackling these risks.