Shop owners overworked and underpaid - Zurich insurance

Small business insurer Zurich has found that shop owners are among the UK’s most overworked and underpaid people in the UK. According to the insurer’s research, small business owners may be working 72 hour weeks without lunch breaks. They may have no holidays and may earn less than £20,000 a year for their pains. This hourly rate is equivalent to the minimum wage, something we may not think about when popping out for a pint of milk or a loaf of bread.

According to the research, 48 per cent of shop owners work six or seven days a week and 18 per cent of shop owners work more than 12 hours every day. Half of small business owners said they were too busy to take a lunch break. This is having an effect on their health and family life.

Of the 1,028 small business owners polled, more than 40 per cent said that the long working hours were causing them stress. And family life is affected too, with 82 per cent having taken no days off in the past year and 42 per cent concerned about the effect of their work on their families.

The Zurich study found that small business owners are jacks of all trades, handling customer services, sales, operations, supply chain management, HR, risk management, premises and marketing. Fifty per cent look after distribution and IT and 60 per cent do their own accounts. However, only 51 per cent pay themselves regular salary, 39 per cent of those paying themselves under £20,000. Forty-two per cent only pay themselves when the business is successful.

David Nichols, Zurich Commercial’s Head of Package Business said, ‘UK small businesses form the backbone of our economy and they’re clearly working very long hours. Owners need to take a holiday at some stage to recharge their batteries and if they’ve got the right insurance cover, this can help give them peace of mind while they are away.’