At Work or Play? Small Business Owners are Always On

NEW YORK, Aug. 17, 2011 /PRNewswire/ -- New research from specialist 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 maximize opportunities for their businesses.

Over half of small business owners (51%) cite flexible working hours as their main way of achieving a healthy work/life balance, followed by scheduling time with family and friends (21%) and leaving their work at the office (11%).

However, the office is never far away for small business owners.  Only 5% 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 26% of all respondents indicated that they used separate business and personal accounts to avoid confusion, over one in ten (13%) have no separation and live their brand in everything they do. This makes sense as 8% of all respondents and 10% of micro small businesses (less than 10 employees) reported that they don't achieve a good work/life balance.

"The wide range of communications channels available today means that small business owners can always be connected, and the research shows that this is how they're operating," said Kevin Kerridge, small business expert for Hiscox. "Our clients live and breathe their businesses, wherever they are and whoever they're communicating with."

The research, which was carried out among 304 U.S. small business owners and decision makers, also looked at the key motivators of small business owners:

What motivates small businesses to drive their business forward most?

• 37% - Providing financial stability for themselves and their family
• 24% - Personal ambition/recognition
• 22% - Belief in their product/service
• 14% - Desire for wealth

"These results highlight the innate drive we see in our startup clients," Kevin Kerridge added.  "Starting a small business requires a high level of commitment, and there are few times when they're not focused on their business and looking for opportunities to drive it forward."

Designed specifically for the small business and home-office market, Hiscox small business professional liability insurance coverage (errors and omissions insurance) is customized for a range of knowledge-based professions including IT, management consulting, business consulting and marketing. Hiscox offers professional liability insurance quotes direct and online in real-time along with other liability insurance products such as general liability insurance.  Hiscox's licensed insurance advisors are solely focused on helping small businesses with their insurance needs.

Hiscox profiles the life of startup entrepreneurs in the critically-acclaimed Leap Year web series on www.leapyear-hiscox.tv.  Hiscox's online offering is backed by experienced, licensed advisors based at the Hiscox Small Business Insurance Customer Service Center in Virginia Beach, VA.

To learn more about Hiscox Small Business Insurance, visit http://www.hiscoxusa.com/small-business-insurance/ or speak with a Hiscox licensed advisor at (888) 202-3007 (Monday through Friday, 8:00 AM – 10:00 PM EDT). Hiscox is also now on Twitter, Facebook and LinkedIn.

Read more news from Hiscox Small Business Insurance.

Notes to Editors

Hiscox commissioned research with Opinium Research among 304 owners, partners and senior decision makers from US companies with 1 to 249 employees between May 18 and June 1, 2011.

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 at: http://www.hiscoxusa.com/small-business-insurance/why-choose-hiscox-insurance/.

Hiscox also provides professional liability, property and specialty insurance to US businesses through US-based brokers. This communication does not constitute a solicitation of business by Hiscox's syndicates at Lloyd's, London.

SOURCE Hiscox