750,000 SME business owners are stressed to the point of waking in the middle of the night worrying about their business.

Findings from the Norwich Union Business Protection survey show that a market downturn and customers defaulting on payments are the main causes of stress, cited by 46% and 30% of SME (small/medium enterprise) owners respectively. 23% said they were additionally concerned by rising utility bills.

As anxiety over market conditions intensifies, managers are increasingly looking to negate those risks that are within their control. As a result 45% of respondents now have some form of business protection insurance covering, amongst other things, the salary or life of a key employee. This compares with only 38% who have their own life insurance and 20% with health or dental insurance. 61% of respondents have cover for premises or equipment.

Trevor Bailey, director of protection at Norwich Union, commented:  "The recent growth in demand for business protection is impressive, but the potential is extraordinary: the market for life cover alone is estimated to be in excess of £500 billion. But confusion reigns with nearly 75% of those surveyed admitting to a lack of understanding about business protection cover and products."