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5 reasons why you should get insurance if you are self employed

6 February 2019 No Comment

It’s easy to forget about insurance. After all, what visible benefit do you see while money comes out of your bank account each month or year? In fact, insurance is just as vital for the self employed small business owner as it is for big business. Just because you work for yourself, it doesn’t mean that your business is too small to be affected by many of the things insurance protects against. So read on to find 5 reasosn to get insurance, even if you are self employed.

Insurance can protect your business

There are many types of insurance – you may be thinking about buildings insurance, contents insurance or public liability insurance – and they all have a role to play in your business. However small your enterprise, however new it is, take a little time to talk to an insurance broker about the risks you face. What would happen if your equipment was stolen – could you continue to earn? If not, make sure your equipment is covered so you can earn without interruption. Do you have people working in or visiting your premises? Whether you work from home or elsewhere check that you are covered if a visitor or worker has an accident. And if you offer a product, what would happen if someone was injured while using it? While no-one wants to face these problems, being insured can provide you with financial cover, and sometimes legal advice too.

Insurance can protect your monthly income if you’re ill

There are so many plus points to being self employed: freedom, flexibility and autonomy amongst them. But what if you are ill? If you thought sick pay was only available to employees, there is a solution for freelancers too. Accident and sickness protection gives you financial security if you can’t work due to sickness or injury. It provides a monthly income to help cover your household expenses, and can cover you for up to 12 months.

Insurance can protect your finances if you face a critical illness
So, if you are self employed you don’t get sick pay. But critical illness cover is another thing that every freelancer should think about. It offers cover in case you suffer one of the 3 most common critical illnesses: cancer; stroke and heart attack. And importantly for you and your family, it gives you a lump sum to help cover medical expenses & household expenses at a time when you most need it.

Insurance can protect your family if you die

Finally, have you thought about life protection. If you work for an employer you may get some cover if you die ‘in service’, if you are diagnosed with a terminal condition you may get sick pay, but what about if you work for yourself? While no-one wants to face the possibility, being diagnosed with a terminal illness means that someone who is self-employed may have to struggle with continuing to earn. Life insurance can provide financial security for your family if you die or are terminally ill. It can give you a lump sum to help pay off your mortgage; cover your funeral, any legacies and monthly outgoings for your family.

So, are you covered? Insurance for the self employed is vital – think about the different types of cover and which ones you need to check out.

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