SELF EMPLOYED RISK LOSING £300 BILLION A YEAR TO LACK OF FINANCIAL PROTECTION
October 24th, 2017.


Ninety-three percent of the UK’s self-employed workforce have no critical illness cover, leaving people open to financial ruin if forced to take long-term sick leave, according to new research from Scottish Widows.


This is despite business owners spending an average of £9,700 and six-and-a-half months of their lives setting up their ventures. And with one in seven UK workers now self-employed, this means that around 4.4 million of them have no protection in place if they were unable to work due to serious illness.

Taking extended sick leave would cost the self-employed an average of £67,550 each per year, amounting to a national financial risk of more than £300 billion annually. Discover how to run your business from your mobile phone or tablet

Putting hard work and investment at risk
However, four in ten (42 percent) uninsured, self-employed workers insist they don’t need critical illness insurance or don’t see it as a financial priority. This is despite three-quarters (76 percent) of business owners or partners having no employees and no-one to cover for them should they fall ill and be unable to work themselves.


For the full story at smallbusiness.co.uk CLICK HERE.