Insurer warns of home working insurance risk
New research from Direct Line Home Business Insurance revealed that 6% of Britons have held a second job in the past six months and a further 1.5m have launched their own business to supplement the income from their primary job.
The trend in people looking to boost their income goes beyond conventional self-employment or second jobs.
The research found 36% of people have undertaken additional activities in the past six months to increase their earnings, with 11.5m people (24%) making extra money online, potentially selling merchandise through online auction sites or taking on freelance design work.
Approximately 800,000 people have launched local businesses in their local area to earn extra income in the past six months.
Jazz Gakhal, head of Direct Line Home Business Insurance, said: “Many people may not realise if they are completing additional work from home, they may need specialist home business insurance because they may not be covered by their home policy.
“If a business is based at home it does not mean it won’t have some of the potential risks a conventional business has.
“There are many things that need to be covered to ensure in the event of something going wrong, whether covering stock, protection against claims from others, or even ensuring if trading is interrupted you still have an income, home business insurance is essential.”
On a regional basis people in the South East are most likely to have supplemented their income in the last six months, with 40% of residents seeking to boost their primary income.
People in Scotland are the least likely (32%) to have taken on extra work to boost their income alongside their regular employment.