Almost a quarter of self-employed tradespeople are not confident their business could survive another lockdown, Rhino Trade Insurance has revealed after conducting a survey.
Prior to the latest government announcement of a third lockdown period in the UK, Rhino Trade Insurance conducted research to discover what tradespeople expected for their businesses if they had to go through another lockdown.
The survey revealed that 24% of the 300 self-employed tradespeople who responded were not confident their business could survive another lockdown.
The company expressed that, while 76% of respondents think their business will cope, the fact that nearly a quarter are preparing for their firms to fold signals the importance of proper support for this vital sector of the UK’s workforce.
Troy Stevens, Managing Director of Rhino Trade Insurance, commented: “Another lockdown is the last thing tradespeople want, particularly those who work for themselves - after all; when you’re self-employed, if you aren’t working, you aren’t earning.
"And while construction sites have been given the green light to stay open, many other self-employed tradespeople who carry out work at customer’s homes will see demand for their services fall off a cliff. With the gaps in the government’s coronavirus support well documented, it’s no wonder that tradespeople - whether builders, electricians, or plumbers - are preparing themselves for the worst.
“In such uncertain times, protecting your business from other threats - ones that are manageable - is more important than ever. Whether it’s insurance to offer peace of mind or making sure of tax compliance, now’s the time for every self-employed tradesperson to assess all of the risks they encounter.”
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