News
Business insurance updates, insights and maybe a little bit of gossip from the world of solopreneurs and small businesses of the UK economy. And from time to time we might blow our own trumpet to announce latest developments designed to support our customers’ businesses.
Do I need professional indemnity insurance as a sole trader or small business?
Freelancers and small businesses often say “I don’t need insurance, I’ve got no issues with my clients”. And hopefully that’s how it will always be for you. But every now and again something happens and client relations rapidly change. Just like it did for these business owners.
Britain’s SMEs waste £216 million on business insurance when out of work
The average freelancer and small business owner has over two months (65 days) without work each year but is spending on average £108.10 a month on business insurance when they don’t need it. With 1m self-employed people in the UK who have business liability insurance, that’s an estimated £216.2m* each year being wasted on business insurance that small business owners could be saving to cover those times without work - or using towards other costs.
Could freelancers save millions on their liability insurance?
There are some two million freelancers in the UK, most find themselves out of work from time to time. Many spend £15 or more a month on their business insurance but often won't need it all year around. Based on 1 month out of work in a year, that’s £15,000,000 that could be saved if freelancers could freeze their business insurance when not needed.
