Self-Employed Insurance Comparison

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Self-employed insurance is designed to help financially protect entrepreneurs in the workforce that are their own boss. This protection has several forms to cover needed areas, just in case the self employed can no longer work, earn a living and protect their business interest. This protection will then help them care for their families and the future of their business.

Self-employed insurance is financial protection to help cover the costs of being sick or injured, along with the earnings a person misses out on because they are no longer able to function in the workplace. It can cover all aspects of protection, or just the areas of importance to each policyholder.

Self-employed insurance covers a multitude of trades and jobs ranging from the beauty industry with beauty therapist insurance to tradesman insurance and professional business and tree surgeon insurance

Does my business need self employed insurance?

Since you are your own boss, the decision to take out self employed insurance a personal decision. What has to be taken into consideration is how will the family pay the bills if something happens to the patriarch, who can no longer bring an income home? For those that answer this question with ‘I am not sure’, self employed insurance is the best option so that the family will be provided for.

Types of self employed insurance being offered

There are different areas of health cover that the self-employed can consider to help protect them and their business. The list below includes what is available so that each person can make their own tailored made cover.

  • Self employed illness insurance that will pay for the medical and hospital bills when illness strikes and the breadwinner can no longer function in the workplace. The lost income will also be provided depending on the seriousness of the illness and how long it will affect the work status of the individual. The time frame this type of protection will be available includes short term illness to permanent disability. For those who have a serious long term illness that will prevent them from returning to work, a lump sum will be paid out to help replace the lost income. Some agents refer to this type of insurance as critical care cover.
  • Work injury insurance is protection if the person covered is injured where they can no longer function in the workplace and earn an income. This cover helps pay for the medical and hospital bills along with income protection. This cover is called personal accident insurance by some insurance agents.
  • Sick pay insurance is financial protection to provide an income for those who do not qualify for statutory sick pay because they are self employed and do not have a boss. This is the part of the above two types of coverage that pays for the lost income. The payout is at 80% of the base pay the person had before taxes.

The above list of health insurance policies does have some exclusion included in the cover. The list includes, but not limited to, injury or illness due to illegal drug use, alcohol abuse, travelling to or being in an area of the world where an epidemic breakout has occurred or caused by criminal activity.

Is there business self employed insurance available?

The answer is yes, the business side of being self employed also need protection. The following helps to take care of the legal side of operating a business and being self employed.

  • Public liability insurance is financial protection if a person becomes injured by you or on your property and seeks compensation for said injury.
  • Professional indemnity insurance is financial protection against a claim by a third party that is seeking financial payments for following your advice and losing money.
  • Employers liability insurance is only required if you have employees. These can be full or part-time workers. This protection provides financial support if an employee becomes sick or injured while working for you
  • Legal insurance is financial protection to handle the court fees, settlement payouts and lawyer costs if a claim is made against you or your business.

What type of cover provided financial protection if I pass away?

None of the above types of insurance is protection if you pass away. This unfortunate event can occur by accident or of natural causes. When it does occur, the only type of cover that will provide your family with financial support is life insurance. There are different levels of life insurance and types.

The level you decide on can in part be determined by your debt level, so the bills and mortgages will be paid upon your untimely death.

The types of cover include term, permanent, whole, universal, variable, variable universal, survivorship and final expenses. Each type has its limitations and payout amounts.

How to reduce the cost of self employed insurance

The path to reducing the cost of being insured for the self employed is highly dependent on what is taken out as financial protection.

To help reduce the cost of health insurance, many agents will offer a discount for joining a gym, for non-smokers and anything else that shows a healthy lifestyle is followed.

A major contributor to reducing the premium of any cover is the level of excess that will be paid when making a claim. The higher the excess, the larger the reduction in the premium will be.

When applying for cover, many firms now offer a discount of up to 10% when it is completed online.

Compare Self Employed Insurance by getting multiple quotes

Having protection afforded by insurance is a personal choice to help the entrepreneurs of this world to take care of the ‘just in case’ situations that are out of their control. The covers listed above will help take care of the bills, so not only will the business survive, but the self employed can keep their homes and care for their families.

To find the best deal, 3 to 6 quotes should be requested from different insurance companies once you have determined just what you need and the level of coverage necessary for your business. You can also break up the requests for quotes in 3 categories including health, business and life cover. The more due diligence you do, the better the cover will be tailored made for your needs.

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