• Over six in ten tradespeople have either seen an increase or no change in workload since the start of this year, even as the cost-of-living crisis bites
• Less than a quarter of tradespeople are expecting their workload to decrease over the next six months
• One in four tradespeople experiencing reduced profits due to honouring quotes from before material and business costs increased
• Rising fuel, transport and building supply costs are all contributing and impacting tradespeople workload

 

Two-fifths of UK tradespeople (40 per cent) have seen an increase in their workload since January, of which ten per cent say the increase has been significant, according to research by Direct Line business insurance.¹

Despite increased work for some tradespeople increasing business, fuel, material, and transport costs are generally becoming an increasing concern.  Over a quarter are taking jobs closer to home due to rising transport costs (28 per cent) or the expansion of low emission zones (25 per cent). Over a fifth (21 per cent) have had to turn down jobs because of supply chain issues.  Almost a quarter (24 per cent) say that jobs are taking longer to complete, or that their profit margins have decreased, due to honouring quotes despite increasing material and business costs. Added to that, almost one in ten (9 per cent) say that tool theft has impacted their ability to work.

While industry challenges and the cost-of-living continues to rise, sentiment among tradespeople remains relatively high, with 44 per cent expecting a further increase in their workload over the next six months. Currently, there is a nearly an even split between tradespeople that have seen an increase (40 per cent) and decrease (38 per cent) in their workload, however 62 per cent overall say they have either experienced an increase or no change, despite increasingly difficult market conditions.

Tradespeople have mixed feelings towards the impact of their increased or potentially increased workloads. The largest proportion of tradespeople expecting an increase (39 per cent) in work are enjoying having more work to do, although 27 per cent say they are feeling increasingly stressed and anxious about the rise. Over one in ten (12 per cent) have concerns about burnout due to the increased volume of work.

Alison Traboulsi, Product Manager at Direct Line business insurance commented:

“Trade based skills are vital to the UK economy, so it’s encouraging to see that many tradespeople remain optimistic and have continued to see a steady or increase in workload this year. That said, market conditions are becoming increasingly challenging, as business costs continue to rise, and the cost-of-living crisis starts to bite. Supply chain issues, rising material, staff, and transportation costs, as well a tool theft are all affecting tradespeople’s ability to work, with many also reporting a decrease in workload this year.

"It is always important that tradespeople find insurance that provides them with the flexibility, value and cover they may need to help protect their business, particularly during uncertain times. Direct Line business insurance offers a wide range of products, from Tradesperson and tools cover to Employee Liability and Van Cover. Our products help give tradespeople the reassurance that if anything goes wrong, we’ll help to get them back up and running quickly.”

You can find out more about Direct Line’s Tradesperson Insurance by visiting:

https://www.directlineforbusiness.co.uk/small-business-insurance/tradesman

-ENDS-

Notes to Editors

(1) Opinium survey of 250 tradespeople in the UK adults, conducted 25^th-28^th July 2022

For further information please contact:

Unni Henry

PR Manager

Email: [email protected]

 

About Direct Line business insurance

Launched in 2007 Direct Line business insurance now has over half a million customer policies, providing a flexible range of insurance products for the landlord, van and small business sectors.

Direct Line business insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England and Wales No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Direct Line business insurance and U K Insurance limited are both part of Direct Line Insurance Group plc.

Customers can find out more about Direct Line business insurance products or get a quote by calling 0345 301 4827 or visiting https://www.directlineforbusiness.co.uk