New Office for National Statistic (ONS) figures show that 13.5 per cent of the North West workforce are now self-employed.
The rise is reshaping the general attitude towards business and creating additional insurance needs, according to UNA, an organisation owned equally by 12 of the UK’s largest independent regional insurance brokers.
Tim Ryan, Executive Chairman at UNA, believes that to continue the economic recovery, those in self-employment must give serious consideration to the wide range of risks they are exposed to by assuming a self-employed status.
UK self-employment grew eight per cent in the past year; quicker than in almost any other European country.
Tim explained: “The financial crisis has reshaped the general attitude towards individuals pursing business in a self-employed capacity and the insurance sector is ready to respond.
“These figures thrust insurance needs into the spotlight as this growing trend breeds additional risks and cover requirements, some which may not be glaringly obvious to new start-ups and one-man-bands.”
UNA believes that workers, who are moving from employment to self-employment, must not fail to recognise the new risks they face.
Tim added: “Income protection, pensions and critical illness cover all need to be considered, as well as liability and any property that belongs to them in a business capacity”.