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.
During the pandemic, these figures were even higher, with the average freelancer being out of work for four and a half months (135 days), if they had been able to pause their business insurance they could have saved themselves £486.45.
The research by Suited.Insure, the freelance, and small business specialist insurance company, found that 79% of small business owners have annual insurance policies, despite not working all year round and 68% said they continue paying for insurance when they aren’t working.
