By Phil Brown, Commercial Account Handler
It's been another successful year of growth for the Science and Technology sectors in Scotland. 84% of businesses expect sales to increase over the next 12 months and it would appear that the growth shows no signs of slowing.
There are challenges ahead though. As the number of new start-ups and university spin-outs ever increase, more private equity is needed so they can reach their full potential and hope to become the next billion dollar company. However, as low interest rates look set to continue for the foreseeable future, investing in such a potential high-return industry looks more and more attractive.
There are other hurdles too. 74% of companies feel that they require a higher number of skilled employees, particularly in the area of business management. This indicates that whilst the core technologies that companies are built around are solid, there is need for tighter business control.
Over the next 12 months, Bruce Stevenson will be working closely with the Scottish Business Angel Investor network. In partnership with Linc Scotland, the trade association for Angel Investors, we will be helping growing companies through training, developing, and implementing risk management strategies, as well as arranging bespoke insurance programmes.
The Science and Technology sectors are a challenge for the insurance industry. New products, whether virtual or physical, and which have been largely untested in the marketplace can be an underwriting nightmare for insurers. Off-the-shelf insurance products are not fit for purpose, resulting in brokers struggling to operate in this area.
However, Bruce Stevenson has a proven track record of working with niche industries, and as the largest independent broker in Scotland, we have the punching power to get the right cover at the right price, something that the Science and Technology sector is in much need of.
If you have any queries regarding science and technology insurance please email email@example.com