How Insurance Supports Business Growth from SME to Mid-Corporate

Sarah Stanford, CEO Aspen UK, recently spoke at the ABI Conference on how insurance can support business growth from SME to Mid-Corporate. The panelists discussed the best risk management practices, and the steps insurers can take to support smaller businesses.  

Changing risk management needs  

As businesses scale from SMEs to mid-corporates, their risk management needs evolve. Increased regulatory requirements, growing stakeholder expectations, and the shift from outsourced to in-house expertise create new challenges. Insurance plays a crucial role in enabling this growth by providing protection, guidance, and innovative solutions that enhance resilience. 

Managing Evolving Risks 

Growing businesses face emerging threats such as cyber risks, regulatory changes, and ESG concerns. Insurers help by offering tailored coverage, proactive risk assessments, and access to industry specialists who can guide businesses through these complexities Insurers offer risk management solutions that could be expensive for smaller companies to run themselves.  

For example, as part of Aspen Cyber Risk Services we offer a tabletop exercise which analyses actual incident response capabilities against a highly-customized, simulated threat, identifying areas for improvement to reduce damage and speed recovery.  

We also offer a construction wellbeing product for insureds, which supports the rising challenges associated with the mental health of employees working in the U.K. construction industry. With this we offer a 24-hour helpline and rehabilitation services for those in need. 

Supporting Strong Governance and Compliance 

Scaling businesses must strengthen governance, but proving the ROI of compliance investments can be difficult. Insurers help by linking improved governance to lower premiums and reduced risks, making a strong business case for proactive management 

 Preparing for Long-Term Growth 

Many businesses only update risk strategies after experiencing a crisis. Insurers encourage a forward-thinking approach, helping businesses anticipate challenges, build resilience, and secure long-term success.

Insurance is no longer just about protection—it’s a strategic partner in business growth. By offering risk management expertise, data-driven insights, and innovative coverage, insurers help SMEs transition smoothly into mid-corporates, enabling them to scale with confidence.