You are here: Home - Insurance - News -

Self-employed workers up a quarter in last decade

0
Written by: Paloma Kubiak
13/04/2017
The number of self-employed people in the UK has increased to 4.7 million in the last decade.

This is a 23% increase in the past 10 years from 3.8 million, and over the last 12 months alone the number swelled by 174,000. This is a rise of 478 a day.

Analysis by Direct Line for Business has found that while 91% of UK businesses hire contractors for various projects, the majority (68%) require the contractors to have professional indemnity (PI) cover.

A fifth (21%) of UK businesses said it would depend on the type of work they would be undertaking for a firm as to whether PI is needed.

Nearly a fifth of business owners require the consultants to have PI cover over £1m and a further 34% (1.83 million businesses) expect anything between £100,000 to £1m.

The average level of PI cover expected is £715,000.

Jane Guaschi, business manager at Direct Line for Business, said: “An increase in the number of self-employed workers over the last few years means that competition among contractors can be a challenge. A contractor who doesn’t have the right PI insurance in place is doing themselves a disservice, as this analysis suggests it’s an important factor for businesses hiring contractors.

“Aside from the employment implications, professional indemnity insurance is an important factor for anyone offering advice or professional services. It can cover individuals and businesses for a range of risks such as if a client claims there’s a problem with any work which has led to financial loss or caused reputational damage. It’s also vital for anyone who has access to sensitive information or might infringe intellectual property rights.”

See YourMoney.com’s Going self-employed in 2017? A comparison of best business accounts.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week