YouGov survey for Purbeck Insurance Services
September 2024: As the summer holidays come to an end, a new survey of work-age adults across GB by YouGov for Purbeck Insurance Services, has found that 29%[i] have been struck by a moment of work-based inspiration while on holiday. Whether it’s an idea for a new business, or the answer to a thorny work issue, the findings suggest that while holidays appear good for generating new ideas, completely switching off from work is often much easier said than done.
Purbeck Insurance Services, the provider of personal guarantee insurance to small business owners and directors commissioned the survey in response to Labour’s Plan to Make Work Pay which includes the right to switch off[ii].
Amongst those that have experienced a lightbulb moment about their working life on holiday, 14% have come up with a solution to a problem or challenge at work, 11% have been inspired to change their career and do something completely different, 9% have made the decision to change jobs and move to a different employer and 8% have an idea to start a new business[iii].
Strikingly, around 1 in 5 respondents (19%) of those who have had a lightbulb moment in the past while away on holiday, has not been on holiday so far in 2024.
Amongst those that have managed to get away this year, 23% have had an idea for a problem at work and 16% have been inspired to change their career. Furthermore 12% have had an idea for a new business they wish to start.
Todd Davison, MD of Purbeck Personal Guarantee Insurance said: “There was a 11.2% increase in company incorporations in the last financial year[iv]. Each one of these businesses has come from a ‘lightbulb moment’ such as a gap in the market, an opportunity to improve a product or service or a way to cut costs. These ideas often come when we least expect them and holidays can trigger different ways of thinking prompted by a new environment, cultures, people and even problems encountered. Arguably, it’s when we switch off from the day-to-day minutiae of work that we can think more freely. The key is to recognise these ideas as viable and act quickly to make them happen.
“Fully switching off is not a choice for some people. This is particularly true amongst the small businesses we work with – if you have a passion for your work, that is not going to stop at 5pm each night or at the start of a holiday so the Government will need to take a very considered approach to the introduction of new workers rights.”
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About Purbeck Insurance Services
Purbeck Insurance Services is a Personal Guarantee Insurance specialist supporting Small and Medium sized Enterprises (“SMEs”) and promoting business confidence
Insurance policies backed by Markel International Insurance Company Limited (“Markel”), an A-Rated insurer, as rated by A.M. Best (A), Fitch (A+) and S&P (A). Markel is a shareholder in Purbeck Insurance Services.
Purbeck Insurance Services is directly authorised and regulated by the Financial Conduct Authority
Insurance is underwritten by Purbeck Insurance Services, an authorised Managing General Agent (“MGA”) of Markel
Purbeck Personal Guarantee Insurance is annual insurance policy that provides Director(s) with insurance cover in the event their business lender calls in the Personal Guarantee (provided by the Director(s) as part of raising business finance)
Key features of Personal Guarantee Insurance:
- Premiums are competitively priced and based on individual circumstances
- Cover is available for Personal Guarantees signed to support a wide range of business finance facilities
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[i] All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,608 adults. Fieldwork was undertaken between 11th – 12th September 2024. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
Retirees were excluded
[ii] https://labour.org.uk/wp-content/uploads/2024/06/MakeWorkPay.pdf
[iii] Respondents could opt for more than one answer
[iv] https://www.gov.uk/government/statistics/companies-register-activities-statistical-release-april-2023-to-march-2024/companies-register-activities-april-2023-to-march-2024#:~:text=there%20were%20890%2C684%20company%20incorporations,FYE%202024%20was%208.7%20years
