Self Employed Income Protection
Discover a tax-efficient approach to covering your costs when you can’t work
Illness and injury can have a significant impact on your income. With the right insurance, you can keep your finances on track while you recover.
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Receive sick pay even if you’re self employed
In your line of work, a break from earning can have serious consequences. When you’re self employed, the idea of being unable to work due to illness or injury is daunting—unless you have Self Employed Income Protection.
Maintain your financial stability even if you can’t work.
Self Employed Income Protection ensures you receive a regular income, usually between 50-70% of your normal earnings, providing peace of mind during tough times.
If you run a limited company, you can also benefit from transferring premium costs to your business expenses, making them tax deductible.
We’re here to help you navigate the range of Self Employed Income Protection policies available, ensuring you find cover tailored to your specific needs and situation.
Please note: All references to the tax treatment of products and their advantages are based on our interpretation of current tax legislation and HMRC guidelines. Tax relief levels and regulations may change.
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Is Self Employed Income Protection really that important?
We believe it is. Unlike Critical Illness Insurance, Self Employed Income Protection is designed to support you financially while you’re unwell or injured, helping you return to work more quickly. It not only offers peace of mind by ensuring your bills are covered each month but can also assist with the costs of treatment or rehabilitation.
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Get your guide to Income Protection
Find out more about the financial safety net this insurance can provide, as well as the significant tax benefits.
Get the guidePrepare for the worst with Self Employed Income Protection insurance.
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Your Self Employed Income Protection Questions Answered
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!