There are over four and a half million self-employed workers across the UK accounting for 15.6% of the UK workforce, according to the latest Office of National Statistics figures. The self-employed sector has seen a huge growth in the last decade with the UK well and truly catching the be-your-own-boss-bug.
People of all ages are starting their own businesses in the hope of achieving greater independence, flexibility and a more positive work-life balance. This however, comes with greater responsibility and it may be the first time people have had to consider their protection needs.
Is anyone safe?
No age group seems to be immune from the be-your-own-boss bug! The number of over 65s turning to self-employment nearly tripled between 2001 and 2016, rising to 469,000. And the youngest group – 16 – 24 year olds – also saw a self-employed surge, with more than 80,000 becoming their own bosses during the same period.
These figures suggest that the oldest working generation are keen to branch out on their own, relying on the skills and expertise they’ve gained from their employment, while the youngest are eager and confident enough to launch their own businesses.
For the would-be entrepreneurs living in be-your-own-boss Britain, launching their own business may be the first time they’ve had to consider their protection needs. The support of an adviser at this time is crucial.
Help! I’m confused.
There are many protection needs that must be met when starting your own business and it may seem quite daunting. There’s income protection, business protection, and key person insurance just to name a few. For businesses though, it is essential that workers and the workplace are adequately insured.
Self-employed workers have historically faced challenges when sourcing mortgages and protection products due to a number of factors like the irregularities of their income streams, payment amounts and work patterns.
However, with such a large number of the UK now being their own bosses, it is vital that all borrowers are made aware of the importance of protection, as well as the various benefits and options available in the market.
So whether you’ve been caught by the be-your-own-boss-bug, or just want to talk about your protection needs, contact your adviser today.