It's a commonly acknowledged fact that women are safer drivers than men, but now it's been proven that we are also more successful behind the wheel of a business
According to a new report from Simply Business, female entrepreneurs are safer business ‘drivers’ than their male counterparts leaving their businesses less likely to fail.
This is due to the fact that female entrepreneurs are less likely to take risks - 20% less than their male counterparts - have a healthier attitude towards financial management and are more likely to look after their staff in times of crisis.
The study, entitled The Risk Report, also found that female-led companies are also less likely to go bust, with less than a quarter declaring bankruptcy compared to over a third of those owned by men.
Furthermore, during the recession, fewer women-owned businesses were forced to downsize (8% compared to that of 12% male-owned ones). Of those who did make redundancies, female entrepreneurs shed less staff than their male counterparts.
Thanks to these confidence-boosting findings, experts are now demanding that insurance premiums should be reduced for female entrepreneurs.
Jason Stockwood, CEO of SimplyBusiness.co.uk, comments: “The insurance industry accepts that women are safer drivers and this has long been reflected in more competitive premiums for female drivers. We’re asking the industry to take another look at business insurance premiums – if women are safer business leaders too, surely this should be acknowledged in discounted premiums for women entrepreneurs?”
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