It's hard to predict what life can throw at you. That's why insurance is one of life's essential financial products - not just for individuals but for businesses as well. However, a recent study by Barclays, a leading UK financial institution, has found that insurance deals for the UK's small and medium sized businesses (SMEs) do not provide adequate cover for their needs.

The research undertaken by Barclays suggests that more than 50 per cent of the SMEs surveyed expressed the refusal of the customer to pay and a sudden income decrease as the largest concerns faced - replacing previous major concerns such as global terrorism. However, the study also revealed that even though fifty per cent of businesses had encountered trouble with customers refusing to pay in the past, they were still not taking advantage of comprehensive business insurance policies.

A recent Populus survey commissioned by the British Insurance Brokers' Association (BIBA) revealed similar trends; it inferred that some SMEs are continuously failing to implement business continuity plans - thus threatening themselves with the possibility of loss of money in unforeseen circumstances.

Talking about the recent study, Barclays' marketing director for business insurance, Mark Till, commented: "Life is full of twists and turns and running a business is no different. There are always going to be things that happen that you can't fully prepare for, but many of the issues that cause the most worry can be covered by insurance, often at relatively low cost."

In fact, when it comes to buying business insurance, it's important to review your options carefully before choosing the ideal insurance policy for you. This is especially important for SMEs as their concerns are, inevitably, different from larger firms. However, many leading financial institutions, including Barlcays, offer a range of insurance for smaller businesses, including small business insurance and self-employed insurance.

Additionally, the burgeoning realm of information provided by the internet means that SMEs will be able to find a variety of advice with which they can equip themselves before deciding what type of insurance to buy. For instance, many banks, financial institutions and insurance providers will offer business tips, informational fact sheets and insurance reports for SMEs in order to give them the most comprehensive overview of their insurance cover.

Consumer comparison sites can also help give business owners a better overview of the insurance market, so they can gauge financial conditions, assess exactly what is out there for them and choose the right insurance product for their needs.