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As a self-employed contractor, you have neither statutory sick pay nor death in service benefits. That is, unless you take out specialist contractor cover under your own steam.
By ‘own steam’, we mean that can you could either take out insurance as an individual or through your limited company. There are benefits to both, which we’ll cover in this section of our website.
Do I need contractor cover?
The big decision is whether you take out cover or not at all. Sod’s Law states that if you do take out cover, you’ll never get ill. If, on the other hand, you become too ill to work, you can bet those insurance forms are still on the to-do list pile. I know, that’s typical of life.
What we’ve done at Freelancer Financials is take away the headache of completing those forms. What’s the biggest reason in our experience contractors get caught unaware by illness? There’s always something more important or enjoyable to do than plod through the insurance forms. We get that.
What we don’t want for our clients, after they’ve worked so hard to secure their mortgage, is for them to lose it all due to a simple oversight. So we’ve streamlined the process for protecting you, your livelihood and your family.
No one likes owning up to the fact that they’re a mere mortal. One day, we’ll wake up dead and that’ll be that, no denying it. Neither are any of us immune to illness, as fit as we may think we are today.
What’s more, in heavy industries like oil, gas and construction, we’re more prone to injury than average. And, yes; even IT contractors may pick up the odd virus, too.
What types of insurance can contractors take out?
You have to decide which, if any, of the different types of contractor cover are applicable to you.
Here, we have a simple overview of each. If they’re of interest to you or your better half, each introduction leads to a more detailed page.
Income Protection for Contractors
Returning to work from injury before you’re fully fit can be detrimental to your productivity. If you’re not functioning to the best of your ability, you’re not only jeopardising your contract, but your reputation, too.
With a well thought out income protection plan in place, you ensure you convalesce at your own pace. And, when you’re ready to return to work, you’re fit enough to do yourself and your client justice. Read more.
Critical Illness Cover for Contractors
The responsibility of working for yourself adds more pressure to a role than permies would feel doing the same job. In addition to running a business, you’re 100% responsible for meeting deadlines and completing your contract.
None of us are immune to critical illness. By ensuring you’re covered should you succumb to such a tragedy, that’s one less pressure bearing down on you. Our overview has the details. Read More.
Standard Life Insurance
As a self-employed professional, there is no fallback ‘death in service’ benefit, the like of which accompanies the role of an employee. Standard contractor life insurance does what it says on the tin: pays off your debts in the event that you die whilst carrying out your contract.
As the breadwinner, as most independent professionals are, knowing that you’re leaving your loved ones debt free is a huge burden off your shoulders. Our overview is a simple walk through the options available to you. Read more.
Relevant Life Insurance for Contractors
At one time, there was no such thing as a relevant life insurance policy for contractors. Group policies employed by SMEs were inaccessible and/or too expensive. Keyman insurance went part of the way, but was in no way a good fit for the contractor lifestyle.
Relevant Life Cover has changed all that. Now, contractors can take out cover that works for them in two ways. First, you can cover yourself and your partner if you choose to make them a director of your business. The premiums can also be paid tax-free through your limited company. Read more.