Insurance for Self-Employed

Can you remember how many days you have allowed yourself off sick? More importantly, can you afford to take a day off sick?

If you’re self-employed, Income Protection insurance can prove invaluable.

What Does Insurance for Self-Employed Cover?

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.

Insurance for Self-Employed questions

Without any life insurance or sick pay benefits provided by an employer, if a sole-trader or self-employed individual is unable to work due to ill health or following an accident, the financial impact on their lifestyle and family can be significant.

Our Aims

At FOCUS, our goal is to offer a bespoke life insurance solution to suit your lifestyle, your needs circumstances.

As such, the additional benefits available with Income Protection Insurance for sole-traders and the self-employed reflect the needs of this particular sector.

These features include:

  • No increased premiums for those carrying out a higher risk job, such as working on scaffolding or at heights, using power tools, or working at or with extreme temperatures.
  • Small lump sum pay outs for broken bones, deep lacerations or burns.
  • Access to membership discounts full of vouchers and codes to help not only you but your small business.

Based in Oxford, FOCUS can provide bespoke life and health insurance solutions for the self-employed and sole traders to help protect your world.

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.