Self Employed Income Protection Insurance
See the benefits of protecting your income when you’re unable to work and the tax efficiency it provides
The right insurance can help you overcome the financial impact of illness or injury, providing you with an income to keep you going while you recover.
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Get paid while you’re unable to work
When you’re self employed, the reality is that not working means not earning. Facing an illness or injury that stops you from working is daunting—unless you have Self Employed Income Protection Insurance.
Stay on top of your expenses, even if work isn’t possible.
Self Employed Income Protection Insurance provides a dependable income stream, usually covering 50-70% of your usual earnings, so you can focus on recovery rather than financial stress.
As an added advantage, if you operate a limited company, you can claim the cost of premiums as a business expense, making them tax-efficient.
We offer expert guidance to help you select the right Self Employed Income Protection policy tailored to your current needs and situation.
Please be aware: All information regarding the tax treatment of products and related benefits reflects our current understanding of tax law and HMRC guidelines. Tax regulations and relief rates may change.
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Do I need Self Employed Income Protection Insurance?
Is it worthwhile? We certainly think so. Unlike Critical Illness Insurance, Self Employed Income Protection Insurance provides ongoing financial support during your recovery, helping you get back on your feet faster. Beyond covering your bills, it can also contribute towards rehabilitation or treatment costs, ensuring you’re fully supported.
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Prepare for the worst with Self Employed Income Protection Insurance.
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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).
Does IR35 affect my income protection?
Yes. Your IR35 status determines how your income is assessed by insurers and whether your policy is best held personally or through your limited company.
Outside IR35, executive income protection through your company can cover salary and dividends up to 80% of total earnings.
Inside IR35, personal income protection is typically the appropriate route, based on your employment income.
Broadbench advisers will assess your specific IR35 position and recommend the most appropriate structure.
Can I get income protection if I work through an umbrella company?
Contractors working through an umbrella company are treated as employees for tax purposes and can arrange personal income protection based on their employment income. Some umbrella companies offer group income protection as part of their package, but the level of cover is often limited. A personal policy arranged through Broadbench will typically provide more comprehensive and portable cover.
Will Income Protection protect me if I can’t find a contract?
No. This is a common misconception of Income Protection; it only covers you when you are unable to work due to illness or injury. It does not cover gaps in between employment. If you’re looking for unemployment payment, you will have to apply for JSA.
What happens to my income protection if my IR35 status changes?
If you move from outside to inside IR35, or vice versa, your income protection should be reviewed. A change in IR35 status affects your take-home pay, your tax position, and whether your policy should be held personally or through your company. Broadbench will review your arrangements whenever your situation changes to ensure your cover remains appropriate.
What factors impact an Income Protection premium?
Your age, health, line of work and if you have smoked in the last 12 months can have an impact on your monthly premium. Therefore, it’s important to speak to an Income Protection expert to get a rough idea of what cover you can expect and at what cost before applying.
What happens if I change contracts?
If your new contract pays more or less than the previous contract (or the contract you were on when you started the policy), you can contact your insurer to increase or decrease the amount of coverage you need.
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.