For any organisation large or small, business insurance cover is an absolute non-negotiable. Even the quietest and most risk-averse of businesses are exposed to threats on a constant basis, making insurance one of the most crucial investments.

In light of this, the results of a recent survey from the UK are certainly cause for concern. According to research from LV= Broker, around 200,000 SMEs in the UK do not have any form of insurance.

Looking at the bigger picture, this translates to one in 20 (4 per cent) British small and medium businesses being left completely uncovered.

One of the reasons behind the lack of insurance adoption may be increasing growth and confidence in the sector. The LV= Broker study also revealed that British SMEs enjoyed a rewarding 2014 overall, with three-quarters reporting improved or increased turnover from 2013.

However, Mike Crane, commercial lines director at LV= Broker, warned companies not to get complacent and forgo the importance of adequate insurance. As a January 15 SME Insider article points out, consumer culture in the UK is "notoriously litigious", with people more than willing to claim public liability charges against businesses.

"The research shows that thousands [of SMEs] are leaving themselves vulnerable to prosecutions and fines … for not having appropriate insurance in place," Mr Crane explained.

"Getting the right advice on cover from a specialist insurance broker is invaluable for business owners and can make the difference between being able to continue trading or not should the worst happen."

No matter how well your business is doing, insurance will remain one of its key resources. Speaking with a specialist broker will ensure you get the most cost-effective and comprehensive policy according to your organisation's needs.

Australian businesses need a wake-up call too

It's not just SMEs in the UK that are seriously bereft of insurance. The latest figures from the Insurance Council of Australia show that more than a quarter (26 per cent) local of small and medium businesses do not hold any form of general insurance.

The businesses that do have insurance appear to be satisfied on the whole with their policy. Of the SMEs that have taken out general insurance, nearly all (94 per cent) said they feel they are adequately insured.

Securing a tailored and well-crafted insurance policy is the best safety net you can have for your business.