Four in ten part-time SME owners don't know if they have the right insurance

Brits are looking to part-time business to top-up their income – but many do not know if they have the right insurance in place.

A poll of 3,645 adults, commissioned by Aviva, identified 250 part-time business owners, with 70% of those juggling their side business with a full-time job.  

The part-time business owners had an average turnover of £3,800 per year and nearly half planned to work full time for their own business within a year.

But two in five part-time business owners said they were unsure they had the right insurance in place, and 14% said they did not have any business insurance.

The figure was worst among 18-24 year olds – 23% admitted they did not have any cover for their part-time venture. The most confident about insurance were female entrepreneurs aged 25-44. Half of them said they were confident they had the right policies in place.

Aviva head of small business Robert Ledger, said: “Juggling a full-time job with a part-time business is likely to take up a lot of your time, but arranging insurance need not be an onerous task. Having spent the time building up your business, it makes sense to protect it.

“If you are in any doubt about what you need, you should give your local insurance broker a call. They are best placed to provide advice and check you have at least the minimum amount of cover that’s right to protect your business.”