Replace your income if you’re ill, injured & can’t work.
Setting up on your own can be daunting for many, mostly due to the uncertainty and risk of an unstable income, especially during the early stages. It’s what puts so many people off taking the ‘leap of faith’ to start their own business.
Company sick pay is one of the several things you lose when you’re self-employed or a contractor, and if you have dependents to think about or looming mortgage payments, it can be a very scary situation. However, there is a helping hand, in the form of income protection insurance.
If you are self-employed and find yourself unable to work due to sickness or disability, income protection insurance is a safety net for you, your family and your business.
Income protection insurance gives you money each month if you’re ill or injured to the point where you can’t work. It helps recoup some of your lost earnings so you don’t fall behind on bills and other outgoings while you recover. This lets you focus on getting better, and back into the swing of things.
There are various levels of income protection insurance available, across both short-term and long-term cover. Short-term cover will run for a set amount of time, and you’ll receive payments until you begin working again or when this set period ends.
Long-term income protection will cover you until you’re able to return to work or until you reach retirement age.
Income protection insurance can greatly reduce the risks and concerns associated with being self-employed, and fills the void that losing statutory sick pay left behind.
Before taking out income protection insurance, you should ask yourself if you’ll still be able to look after yourself and your loved ones financially if you’re ill or injured. Consider if you have anything else to help you get by, like savings or family. It can be useful to calculate your monthly outgoings and living costs to work out how much you’d need to get through a set period of time without work
At Dead Simple Insurance, we know what policies you need to protect your employees, yourself and most importantly: your business. We can help you find the best prices from reputable providers, taking the hassle out of insurance.