Simply Business homepage
  • Business insurance

    • Business Insurance FAQs

    Business insurance covers

  • Support
  • Claims
  • Sign In
Call Us0333 0146 683
Our opening hours

What’s the impact of Covid-19 on small businesses? Here’s our 2021 report

1-minute read

the-impact-of-covid-19-uk-small-business-2021.jpg
Sam Bromley

Sam Bromley

9 June 2021

Share on FacebookShare on TwitterShare on LinkedIn

As Covid-19 restrictions in the UK gradually ease, a new report from Simply Business reveals the impact of Covid-19 on small business owners and the self-employed.

We spoke to 1,206 small business owners from across the UK to get an in-depth understanding of the impact of Covid-19 on a crucial section of the UK economy.

Download the Covid-19 business impact report for all our data

The below article gives a snapshot of our data, but to find out the full impact of Covid-19 on the UK’s small business, download our complete report.

Get your free 2021 report on the impact of coronavirus

Download your free in-depth report. Find out more about the cost of coronavirus and overall business confidence.

Download

The impact of Covid-19 on cost is more than anticipated

Last year, our data said that small businesses and the self-employed expected total Covid-19 costs to reach £69 billion.

But nearly 12 months later, our latest report reveals that the total anticipated cost will be upwards of £126.6 billion – nearly double the initial estimated amount.

Beyond the total cost, our headlines also reveal further business challenges:

  • 81 per cent of small businesses said they haven’t had enough support from the government
  • 24 per cent said there should’ve been greater communication and transparency about the impact on small businesses and the self-employed
  • regions across the UK have been impacted differently, with London, Scotland and the North East among the hardest hit areas

Despite business challenges, new entrepreneurs are on the rise

We’ve mentioned before that while it’s been a difficult and challenging time for small businesses, they’ve also been creative and resilient.

New businesses have even emerged. We’ve seen home baking businesses, courier services, and property maintenance all have big year-on-year increases in requests for insurance.

The vaccine rollout is also providing optimism, but 48 per cent of small businesses are worried about the potential of another lockdown.

And small businesses do need time to heal – 18 per cent think this will take them 18 months to two years, while 20 per cent think it could take them three years or more.

For more small business news on Covid-19 and other important topics, keep an eye on our Knowledge centre.

We’d like to carry on hearing from small business owners about the impact of Covid-19. Please leave a comment below to tell us about your experience.

Are you protecting your business?

As the UK's biggest business insurance provider, we understand the importance of protecting your interests. Why not take a look now and build a quick, tailored business insurance quote?

Start your quote
Sam Bromley

Written by

Sam Bromley

Sam has more than 10 years of experience in writing for financial services. He specialises in illuminating complicated topics, from IR35 to ISAs, and identifying emerging trends that audiences want to know about. Sam spent five years at Simply Business, where he was Senior Copywriter.

We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer

Find this article useful? Spread the word.

Share on Facebook
Share on Twitter
Share on LinkedIn

Keep up to date with Simply Business. Subscribe to our monthly newsletter and follow us on social media.

Subscribe to our newsletter

Categories

HomePopular articlesGeneral businessGuestInsuranceLandlordLandlord resourcesLegal and financeMarketingNewsOpinionProperty maintenanceTradesmanCovid-19 business support hub

Insurance

Public liability insuranceBusiness insuranceProfessional indemnity insuranceEmployers’ liability insuranceLandlord insuranceTradesman insuranceSelf-employed insuranceRestaurant insuranceVan insuranceInsurers

About

About usOur teamAwardsPress releasesPartners & affiliatesOur charitable workModern Slavery ActSection 172 statementSocial mediaSite map

Customer support

Contact & supportPolicy renewalMake a claimProof of policyComplaintsAccessibility

Address

6th Floor99 Gresham StreetLondonEC2V 7NG

Northampton 900900 Pavilion DriveNorthamptonNN4 7RG

Careers

Careers at Simply BusinessTech careersCurrent opportunities

Benefits

BenefitsRefer a friendFinance

Legal

Terms & conditionsPrivacy policyCookie policyVuln Disclosure policy

Knowledge

Knowledge centreOpinionsMicrosites

© Copyright 2024 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.