Insurance for Self-Employed

When you work for a company, you’re likely to have some form of sick pay, as well as other benefits such as death in service, maternity/paternity leave, health insurance and private medical insurance.

For the self-employed and sole-trader, there is no such luxury and therefore when you work for yourself, the financial consequences of being ill can be significant.

FOCUS understand how important you are to your business when you are self employed or the owner of a small company and we can help you make sure that you are taken care of should the worst happen, or you are unable to work.

Income Protection insurance is designed to pay you a wage if you are unable to work long term. These payments can pay up to 65% of your income and can be used in combination with Statutory Sick Pay and other benefits you may be eligible for, tax free.

Traditional Income Protection policies have never been the best fit for those who are self-employed. Typically you would need to be off of work for a month before you are able to make a claim, and, as self employed people treat their income and taxes differently, it has been difficult to assess the level of income you would be eligible for. This has also been the case with the types of jobs that are often held by the self-employed or sole traders; tradespeople, tree surgeons and others that would typically be considered a ‘high risk occupation’ – but this is no longer the case.

Income Protection insurance providers are now willing to offer backdated pay, with a trigger for a claim after as little as four days off of work for the self-employed and will offer an income benefit based on your last 12 months self-employed income.

Speak to FOCUS today about how we can provide self-employed insurance solutions designed to suit your needs.

The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.