{"id":179,"date":"2020-07-13T14:42:00","date_gmt":"2020-07-13T14:42:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/construction-at-risk\/"},"modified":"2025-12-17T15:06:55","modified_gmt":"2025-12-17T15:06:55","slug":"construction-at-risk","status":"publish","type":"page","link":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/construction-at-risk\/","title":{"rendered":"Two in five small construction businesses fear their business is at risk of closure \u2013 with pandemic set to cost them almost \u00a313,000 each"},"content":{"rendered":"\n<div class=\"wp-block-group alignfull has-no-margin hero-bg has-global-padding is-layout-constrained wp-block-group-is-layout-constrained has-background\" style=\"padding-top:var(--wp--preset--spacing--150);padding-bottom:var(--wp--preset--spacing--150);background-image:url(&apos;https:\/\/www.simplybusiness.co.uk\/wp-content\/themes\/simply-business-uk\/assets\/images\/faq-bg.png&apos;);background-size:cover;\">\n<h1 class=\"wp-block-heading has-text-align-center has-azure-700-color has-text-color has-link-color has-max-huge-font-size wp-elements-0ac67a1da5859d467842d14804e3982c\">Two in five small construction businesses fear their business is at risk of closure \u2013 with pandemic set to cost them almost \u00a313,000 each<\/h1>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Two in five small construction businesses fear their business is at risk of closure \u2013 with pandemic set to cost them almost \u00a313,000 each<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">Two in five (38%) small businesses operating in construction fear their business is at risk of permanently closing due to Covid-19<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Study reveals coronavirus will cost small businesses in the construction industry \u00a312,891 each on average \u2013 including lost work, earnings &amp; loan repayments<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Two fifths (37%) are also very concerned about the future of their business<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Simply Business has launched a free&nbsp;<a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/general\/coronavirus-loans-for-small-businesses\/\" data-type=\"knowledge\" data-id=\"979\">Financial Support Checker<\/a>&nbsp;to help small businesses and the self-employed to quickly determine what financial support and schemes are available to them during the coronavirus pandemic<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Two in five (38%) small businesses operating in construction fear their business is at risk of permanently as a result of the coronavirus, according to a new report.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A survey of 840 small business owners and self-employed tradespeople within the construction industry, released by small business insurer Simply Business, also reveals that coronavirus is set to cost them \u00a312,891 each on average \u2013 including lost work, earnings and loan repayments. Two fifths (37%) are also very concerned about the future of their business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Worryingly, one third (35%) said they\u2019re concerned about running out of money, with one in three (37%) admitting they have had to borrow money from friends and family to stay afloat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to financial support from the government, which has proven a lifeline for many tradespeople, three in five (60%) have been able to apply for a government grant or loan, helping to relieve some of the financial pressure they\u2019re facing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking ahead, the study also revealed how those within the construction sector feel about life after coronavirus \u2013 with two in five (41%) worried about losing customers or jobs from the pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But despite these challenges, a quarter (24%), said they still felt optimistic about their business after coronavirus. One in 10 (10%) even feel confident enough to start a new business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Alan Thomas, UK CEO at Simply Business, commented:<\/strong>&nbsp;<em>\u201cNo business has been able to escape the impact of the pandemic \u2013 and that\u2019s no different for self-employed tradespeople or businesses in the construction industry. They\u2019re the lifeblood of the economy, and with many of these at risk of permanent closure, so much is at stake for our local communities and wider economy.\u201c<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cTradespeople and those in the construction industry have been hit hard from the coronavirus pandemic, and despite being one of the first industries allowed to return to work, it\u2019s clear that for many the damage has already been done.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cSmall business and the self-employed hold the key to how well we\u2019ll be able to recover from the economic impacts of the pandemic. Time and again their determination has kick-started the UK\u2019s recovery, and we\u2019re inspired by their resilience.\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Simply Business has launched a free&nbsp;<a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/general\/coronavirus-loans-for-small-businesses\/\" data-type=\"knowledge\" data-id=\"979\">Financial Support Checker<\/a>&nbsp;to help small businesses, landlords and the self-employed to quickly determine what financial support and schemes are available to them during the coronavirus pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A simple questionnaire takes business owners just a few minutes to complete and will point them towards relevant government financial support.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">-Ends-<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Notes to editors:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Methodology: Data: Survey of 840 construction small business owners from across the UK, conducted May 2020<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How did we calculate the \u00a312,891 figure?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">100% of small business owners surveyed reported being affected financially by the coronavirus pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We asked small businesses how much they estimate the coronavirus pandemic will cost them in total, including lost earnings, jobs and revenue. The weighted average of this cost is \u00a312,891<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">For further information, please contact:<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Frank PR<br><a href=\"mailto:SimplyBusiness@welcometofrank.com\" target=\"_blank\" rel=\"noreferrer noopener\">SimplyBusiness@welcometofrank.com<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading wp-block-block\">About Simply Business<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" href=\"https:\/\/urldefense.com\/v3\/__http:\/simplybusiness.co.uk__;!!N96JrnIq8IfO5w!hIDMrGse3KHfJu5_CiqiOsFWnj8k1HROe8Oqz7zCb7P2qVQXkH81IbN1SpIhNqbbhmdQrc22NsXe3U9O5ajDdkHOTa_CgxPfLGQ$\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Simply Business<\/a>\u202fis one of the UK\u2019s biggest business insurance providers, specialising in public liability insurance for small and midsize enterprises. Launched in 2005, Simply Business provides an online brokerage service, delivering policies tailored to individual business requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Using the power of tech and data to create the best possible customer experiences, Simply Business employs over 1,200 people across offices in London and Northampton, UK; and in Boston, Massachusetts; and Atlanta, Georgia, in the U.S. Owing to the insurance provider\u2019s internal underwriting capability and expert panel of insurers, Simply Business can cover over 1,200 trade types \u2013 ranging from plumbers to accountants to dog walkers.\u202fIts UK brand campaign \u2013 \u2018<a target=\"_blank\" href=\"https:\/\/urldefense.com\/v3\/__https:\/www.simplybusiness.co.uk\/campaign\/small-businesses-deserve-our-best\/__;!!N96JrnIq8IfO5w!hIDMrGse3KHfJu5_CiqiOsFWnj8k1HROe8Oqz7zCb7P2qVQXkH81IbN1SpIhNqbbhmdQrc22NsXe3U9O5ajDdkHOTa_CxklTDMU$\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Simply The Best<\/a>\u2019 \u2013 aims to help UK small businesses feel \u2018the best\u2019 about their business insurance.<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-800-color has-cyan-100-background-color has-text-color has-background has-link-color wp-elements-101cbde2ee0c57c7d6d0d48cbb8134b8 has-global-padding is-layout-constrained wp-container-core-group-is-layout-80fb368b wp-block-group-is-layout-constrained\" style=\"border-radius:8px;padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<p class=\"has-text-align-center wp-block-paragraph\">We create this content for general information purposes and it should not be taken as advice. 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them almost \u00a313,000 each Two in five small construction businesses fear their business is at risk of closure \u2013 with pandemic set to cost them almost \u00a313,000 each Two in five (38%) small businesses operating [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":28050,"parent":131,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_faq_schema":"","sb_phone":"","sb_header_url_text":"","sb_secondary_logo":0,"sb_secondary_logo_url":"","sb_show_primary_cta":true,"sb_primary_cta_text":"","sb_primary_cta_url":"","sb_show_secondary_cta":true,"sb_secondary_cta_text":"","sb_secondary_cta_url":"","sb_show_contact_cta":true,"sb_contact_cta_id":"","sb_primary_cta_id":"","sb_secondary_cta_id":"","sb_no_sticky_header":false,"sb_show_last_updated_date":"","sb_enable_replacement_text":false,"sb_replacement_h1":"","_sb_hreflang_stale":false,"footnotes":""},"hidden-category":[],"import-page-type":[],"coauthors":[50],"class_list":["post-179","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium 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