What Business Insurance Do I Need? Insurance For Self-employed Workers

What Business Insurance Do I Need? Insurance For Self-employed Workers

Being Self-employed offers numerous benefits, such as flexible working hours, but you can also face financial vulnerability.  There are a number of insurance policies that can offer protection against unforeseen events.

  • You are legally obliged to have MOTOR INSURANCE if you use motor vehicles for your business
  • INCOME REPLACEMENT INSURANCE will pay a tax-free monthly income if you are unable to work due to illness or injury, or suffer a reduction in salary for a prolonged period
  • CRITICAL ILLNESS COVER  gives financial protection against certain illnesses and medical  of a specific severity

This will provide you with a tax-free lump sum cash payment, which can for instance, help pay off your mortgage and help with other expenses

  • PRIVATE MEDICAL INSURANCE means getting through the health system quicker, and also helps pay for some, maybe all, of the treatment you need

Although working from home does not necessarily require BUSINESS INSURANCE*, you must think about your 

  • HOME INSURANCE,   which covers buildings and contents. You  need to make sure your insurer is aware of, and understands,  your situation.  

If you store stock or have expensive equipment, it should be covered against theft and damage.  

  • It would be wise to consider taking out PROFESSIONAL INDEMNITY INSURANCE, if you offer knowledge, skills or advice to clients.  
  • And if clients visit your home for meetings, PUBLIC LIABILITY INSURANCE will offer protection in case they have an accident or suffer an injury whilst on your premises.
  • If you are running a business, rather than just working from home, you will need to have the appropriate COMMERCIAL PROPERTY INSURANCE.
  • *BUSINESS INSURANCE Is usually sold as a package, combining several different policies under one premium, so the types of policies you need, and the cost of the premium will be based on various factors including:
  • Nature of your business
  • Annual turnover
  • Number of people you employ
  • Your insurance claims history

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