Direct Line for Business

Onsite Accidents, Employee Theft, and Poor Advice Leaves Businesses In Critical Condition

Onsite Accidents, Employee Theft, and Poor Advice Leaves Businesses In Critical Condition

Extreme incidents like onsite accidents, employee theft and acting upon poor advice are leaving small businesses in a ‘critical condition’, according to a study by Direct Line for Business. The survey of 501 enterprise owners has revealed that 31% have experienced such damaging situations, which has also had a knock-on effect for their clients. When breaking down incidents, the most common ones experienced by respondents are: Had an employee get injured while on duty (29%) Had an employee steal money or information (21%) Lost a client due to poor advice (19%) Had a client suffer an injury (18%) Had to hire a lawyer over poor advice (16%) Lost confidential data (15%) When it comes to repairing the damage, 23% of those surveyed have had to fork out compensation out of their own pocket, 18% h... »

Apprentices Certainly Not Sick Of Work, As Study Finds Trainees Less Likely To Fall Ill Than Full-Timers

Apprentices Certainly Not Sick Of Work, As Study Finds Trainees Less Likely To Fall Ill Than Full-Timers

Apprentices and trainees are less likely to take sick leave than full-time workers, according to a report by Direct Line for Business. Their survey, which contains figures from the Health and Safety Executive obtained via Freedom of Information, revealed there’s a yearly average of 6,000 incidences of work-related illness for 16 to 18 year olds – compared to 1,202,000 for workers aged 19 plus. While this is unsurprising given there are fewer apprentices in the workforce, when broken down in percentage terms just 1.6% of trainees are affected by illness compared to 3.9% of full time workers – suggesting apprentices are much less likely to report sickness whilst on placement. When it comes to workplace accidents however, apprentices are 73% more likely to be injured than their ol... »

550,000 Small Businesses Shut Doors Due To Disruption Every Two Years

550,000 Small Businesses Shut Doors Due To Disruption Every Two Years

Over 550,000 small businesses have been forced to temporality cease trading due to “disruption” in the last two years, according to Direct Line for Business. The survey of 301 small business owners revealed that destroyed stock and delivery vehicles breaking down are among the incidents that have caused the wheels come off some small businesses. Worryingly for enterprises, those forced to halt trading have been hit with hefty costs, with the average amount required to keep a business afloat, without trading for two weeks, estimated to be £8,775. The average small business believes that it would last around eight months and three weeks if it were forced to halt trading, with sole traders (nine months, one week) faring better than microbusinesses – businesses employing fewer than 10 people &... »

40% of Small Businesses Don’t Know How Much Money They’re Owed

40% of Small Businesses Don’t Know How Much Money They’re Owed

40% of UK small businesses who had to write off debts in the last financial year, don’t actually know how much money they’re owed from debtors, according to a report from Direct Line for Business. The survey of over 700 enterprise owners revealed that 82% of small firms still have balances outstanding from their debtors, with the average business being estimated to be owed a total of £62,957. UK businesses were forced to write off a combined £5.8bn last year, which equated to more than £21,000 a day. Suppliers becoming insolvent and unable to pay what they owed (29%) was the main factor for writing off debts, followed by those that thought suppliers didn’t have sufficient funds to pay their debt (17%), not having the time to chase debts and not having the funds to chase debts (both 11%). N... »

Small Businesses Ignorant of Available Tax Relief

Small Businesses Ignorant of Available Tax Relief

An estimated 3.5 million UK small business owners have a “very poor” awareness of the tax relief on offer to them from the government, Direct Line for Business has reported today. Direct Line found that 18% of small and medium-sized enterprises had a “below average” understanding of the tax relief measures available to them, just a mere 6% said they had a “good understanding” of the incentives on offer. Over a third (36%) of the small businesses surveyed said they didn’t think, or didn’t know if, they were eligible for any business tax relief. Direct Line for Business’ Nick Breton discussed the findings: “This research highlights that there is a lack of awareness of the benefits available to small business owners which can ultimat... »