The Best Income Protection Insurance for Self Employed Individuals
Cover your costs while you can’t work in a tax-efficient way
Gain access to a regular wage to keep you and your business afloat while you recover from illness or injury.
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Get paid when you can’t work
When you’re self employed, being unable to work due to illness or injury can be a serious concern. Without a steady income, covering essential costs becomes a challenge, and the impact on your financial wellbeing can be significant.
Income protection insurance can prevent these issues. It provides a regular income—typically 50-70% of your usual earnings—during periods when you’re unable to work, helping to ease the pressure of ongoing financial commitments.
For those running a limited company, the premiums can often be treated as a business expense, offering the added advantage of tax efficiency.
Choosing the right policy is vital to ensuring your income is protected. We’ll guide you through the options available, tailoring the cover to match your unique needs and circumstances.
Please note: The information provided is based on our understanding of current tax laws and HMRC guidelines. Tax treatment and relief levels are subject to change.
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Should I consider income protection as a self employed professional?
It’s often the safest option. Income protection insurance is designed to provide the support you need when you’re unable to earn. Think of it as sick pay for the self employed. It means you can manage essential expenses, such as bills, while also helping with costs related to treatment or rehabilitation. By alleviating financial stress, you can focus on recovery and return to work more smoothly.
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Get your guide to Income Protection
See how the right policy could protect you and your business and discover the potentially significant tax benefits.
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FAQs
What is Income Protection Insurance?
Income Protection is an insurance policy that pays you a regular wage if you’re unable to work due to illness or injury. It will continue to pay you a salary until you’re ready to return to work, retire or if you pass away (dependent on the level of benefit taken).
What do I do if I change my name?
You should notify your insurer’s customer services team or your broker so that your details remain up to date. For Broadbench clients, you can update this information on our client portal.
I've moved house, how do I update my address details for my Income Protection?
You should notify your insurer’s customer services team or your broker so that your details remain up to date. For Broadbench clients, you can update this information on our client portal.
What should I do if my bank details change for my Income Protection?
You should notify your insurer’s customer services team or your broker so that your policy doesn’t lapse. For Broadbench clients, you can update this information on our client portal. Your new Direct Debit will be active within 14 days.
Why do I need Income Protection Insurance?
People in permanent jobs have the benefit of receiving sick pay. Those earning a day don’t have this luxury which is why it’s so important to have Income Protection. It gives you the peace of mind that if you become ill, you’ll be paid a regular wage so you can look after the bills until you’re well enough to return to work.
Can I get Income Protection Insurance if I am self-employed?
Yes, although it’s structured to be paid for personally rather than via a Limited Company.
Who do I notify in the event that a policyholder passes away?
You should notify the claims department of your insurer, you will find this contact info on the policy documents or their website.
How can I set up Income Protection?
If you’re looking to set up your Income Protection, our advisers can help you find the right policy for you and your family. Get in touch and protect your income!