Three-day weekend? Small business owners aren’t banking on it

While the rest of the nation is kicking back, the UK’s hard working entrepreneurs are burning the midnight oil, with an unusual number of small businesses buying business insurance during national holidays and in the early hours of the morning. Insights from small business insurance provider Simply Business revealed 3,000 business owners bought insurance on a national holiday in 2023.

It appears that small business owners are working more than ever due to the ongoing cost-of-living crisis across the UK. Over 500 businesses purchased insurance on the early May bank holiday in 2023, 400 SMEs purchased on New Years day and 150 on Christmas Day and Boxing day combined.

It’s clear SMEs aren’t making time for holidays, with more than 1 in 10 (12%) saying that they are worried about being unable to take time off, and 11% worried about the future of their business.

The SME community is working all hours to make ends meet, with over 8,000 businesses purchasing  insurance policies within the hours of midnight and 6am in 2023. A recent survey found that a third (30%) of small business owners worked more than 46 hours per week* – almost 10 hours more than the average working week. This could have a knock on impact on SMEs wellbeing, with almost half (47 %) of small business owners experiencing poor mental health in the last 12 months.

Bea Montoya, UK COO at Simply Business comments: “Small business owners are feeling the impact of the cost of living crisis and are working longer hours, without taking the time for a real break. Our latest survey findings highlight the wellbeing challenges faced by small business owners and the self-employed.

“This impact on small businesses could create a domino effect, not only impacting the owners but also suppliers, customers, and their broader community. There are over five million small businesses in the UK, providing almost seventeen million jobs, and over two trillion in annual turnover. They are simply the backbone of the economy, and need our support more than ever. Simply Business is committed to advocating for the support and resources needed to ensure the resilience of small businesses across the country.”