Nearly a third of the UK’s self-employed population do not hold business insurance, according to new research.
The survey, conducted by insurance specialist, Qdos, found that over half of the 29 per cent that do not have business insurance, believed they did not need it. This means they could be exposed to the various financial risks associated with running a business.
Of those surveyed, 17 per cent said they had never considered it at all and 25 per cent said it was too expensive.
The research found that those earning more than £50K a year were more likely to have insurance in place (95%), compared to lower earners (63%).
Of the 71 per cent of individuals who hold at least one form of insurance, the most common policy is public liability insurance (64%).
Seb Maley, CEO of Qdos, said: “Self-employed workers are exposed to all kinds of risks on a daily basis – many of which they have no control over and cannot see coming.
“When running a small business, there’s no escaping the fact that you might have an accident and not be able to work, make a mistake for which you’re liable, or even be investigated by the taxman.”