Building firms fail to get insured

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Nearly two thirds of sole traders and small business owners don’t have professional indemnity insurance, with those working as building contractors, engineers and estate agents the top culprits, according to new research by insurance firm specialistconstructaquote.com.

Constructaquote.com polled 2,165 small business owners and sole-traders​ to ask if they had ​professional indemnity i​nsurance.

Almost two thirds of respondents, 64 per cent, said no and the remaining 36 per cent said yes.

Respondents who said they don’t own insurance were ​asked to state which industries they work in.

​13 per cent said building/construction, 11 per cent said engineering, 9 per cent said property, 9 per cent said IT and 8 per cent health/fitness.

When asked why they didn’t yet have the insurance, 39 per cent of respondents said: “I don’t feel as though I’ll ever require it.”.

33 per cent said: “I don’t know enough about what the insurance policy would guarantee me” and 12 per cent said: “I don’t think I can find the budget to pay for it”.

Lyndon Wood, CEO of constructaquote.com, said: “We’re shocked to hear just how many small business owners in the UK don’t have this insurance.”