Microbusinesses form the backbone of the UK's economy, contributing significantly to growth and job creation. While these small-scale businesses thrive on ingenuity and innovation, they often encounter unique challenges on their journey towards success. One such challenge for microbusinesses is finding the right insurance coverage that caters to their specific needs. In this blog, we will explore the concept of microbusinesses, discuss the challenges they face, and how Lukango is stepping in with their insurer partners to provide tailored insurance solutions for these dynamic ventures.

What is a microbusiness anyway?

Microbusinesses are characterised by their modest size, typically consisting of less than ten employees or operating on a small scale. They encompass a diverse range of activities, including consulting, freelancing, ecommerce or online retail, and more. The founders of microbusinesses often wear multiple hats, taking charge of daily operations, marketing, and financial management. Their ability to adapt quickly to changing market conditions makes them agile and valuable contributors to the economy. Small but mighty business.

Challenges faced by microbusinesses

Limited resources

With limited budgets and people-power, microbusiness owners face significant constraints when it comes to accessing resources such as finance, talent, and technology. This often leaves them vulnerable to unexpected risks and financial burdens.

Lack of specialised insurance

Traditional insurance policies are often not designed with microbusinesses in mind. Many of these entrepreneurs struggle to find affordable coverage that adequately addresses their unique needs for liability protection and asset security.

Complex insurance market

Navigating the complex landscape of insurance can be overwhelming, especially for microbusiness owners who may not have extensive knowledge of the industry - why would they! The variety of policies available, coupled with intricate policy clauses and jargon, can make it challenging to find the right coverage.

Lukango: Streamlining insurance for microbusinesses

Lukango recognises the importance of microbusinesses and the need for specialised insurance solutions tailored to their unique circumstances. Our innovative approach aims to address the challenges faced by microbusinesses and provide comprehensive coverage through our insurance partners.

Here's how we are making a difference:

Customised insurance packages

Lukango offer customers flexible and customised insurance packages in partnership with small business insurer, Markel Direct, that cater specifically to the needs of microbusinesses. Whether it's professional indemnity insurance, business equipment insurance, or cyber risks coverage, you can arrange cover that is designed to provide comprehensive protection.

Simplified insurance process

We understand that microbusiness owners have limited time and resources. That's why Lukango has simplified the insurance process, making it easy and accessible. With our user-friendly online platform, microbusinesses can quickly get a quote from Markel Direct, compare options, and purchase insurance without any hassle. Microbusinesses play a vital role in the UK's economy, but they often face several challenges, including finding the right insurance coverage. Lukango aims to alleviate this challenge by partnering with insurers that provide tailored insurance solutions that address the unique needs of microbusinesses. With simplified processes, customised packages, and dedicated support, Lukango is committed to supporting microbusiness owners in safeguarding their ventures and allowing them to focus on what they do best - driving innovation and growth.

*Disclaimer: This blog post is for information purposes only and does not constitute insurance advice. Please consult with a qualified insurance professional regarding your specific insurance needs.