Protecting self-employed income from accidents and illness

Being self-employed has a lot of advantages. You’re your boss, you can set your hours, and you’re in control of your income. But some risks come along with being self-employed. One of the most significant risks is needing income protection insurance. If you’re injured or sick and unable to work, income protection insurance will replace some of your lost earnings. This type of insurance is essential for self-employed people, as they are not eligible for sick pay or unemployment benefits.

Protecting self-employed income from accidents and illness

What is income protection insurance?

When self-employed, it’s important to be aware of the risks that come with the territory. One of these risks is income protection insurance. This insurance can cover your income if you cannot work due to an accident or illness. There are many different income protection policies, so it’s essential to compare and find one that meets your needs. Read the fine print before signing up for any policy, as many exclusions and conditions may apply. In the end, income protection insurance can help you feel secure and protected in case of an unexpected event.

Do you need income protection insurance if you’re self-employed?

Being self-employed can be a great opportunity, but it comes with many risks. That’s why it’s important to have income protection insurance in place. This insurance can help you financially if you cannot work due to an accident or illness. Make sure to compare different policies before selecting one - look for benefits and waiting periods. If you’re self-employed and don’t have income protection insurance, now is the time to get on board.

How much income protection do you need when you’re self-employed?

When you’re self-employed, you’re not covered by traditional health insurance or worker’s compensation. This means that if you get sick or injured, you could be responsible for many expenses. Income protection insurance can help cover these costs if you can't work

Self-employed and interested in income protection?

Being self-employed comes with a lot of freedom, but it also comes with some risks. One of the most significant risks is not having income protection insurance in case of an accident or illness. This is because self-employed people typically don’t have regular paychecks and are less likely to have insurance covering such costs. Another risk is needing help to afford health insurance. This is because self-employed people often have fewer income and coverage options than employed people. There are, however, some things you can do to protect yourself. For example, you can get income protection insurance, which will cover you in case of an illness or accident. Additionally, staying healthy and fit is important, as these risks are often linked to health problems. If you’re self-employed and interested in income protection insurance, speak to a specialist to see the available options.

What does income protection for self-employed people generally cover?

When you’re self-employed, you’re on your own when taking care of your health and safety. That’s why it’s important to have income protection insurance in place. This policy will help cover lost wages if you cannot work due to an accident or illness. It can also cover other expenses like childcare and medical bills. Before choosing one, shop around and compare different income protection policies. You may be surprised at how many policies cover the needs of self-employed people. So, whatever your insurance needs may be, speak to a professional about it.

How much does income protection cost, and how are the premiums calculated?

When you’re self-employed, you’re at a higher risk of accidents and health risks. That’s why it’s crucial to have insurance protection in place. Income protection is one of the most affordable insurance policies covering income loss in an accident or illness. The cost of income protection premiums is based on many factors, including your age and occupation. It’s essential to compare different policies before you buy – some may have exclusions that don’t suit your needs. Generally, the older you are when you take out a policy, the more expensive it will be. So, if you’re self-employed and are worried about the risks you face, income protection insurance is a great way to protect yourself and your family.

Short-term income protection

It is vital to have some form of income protection in place when self-employed. This can help cover the costs associated with lost earnings if you cannot work for any reason.

Short-term income protection policies come in different shapes and sizes, but they all aim to provide financial support during incapacity or sickness. The premium cost will also depend on age, occupation, and health history. In addition to premiums, many insurers offer discounts when customers take out multiple policies.

Full-term income protection

When it comes to retirement, people have yet to learn when the time will come. That’s why having a full income protection policy is essential - you will be assured of covering your monthly expenses until you retire, no matter how long that takes.

To get the best premium deal, have a medical examination as part of the application process. And if smoking or being overweight are problems for you, changing your lifestyle could also help lower costs.

Does self-employed income protection include critical illness cover?

When it comes to self-employed income protection, there are a few things you need to bear in mind. The most important factor is deciding how much cover you need and for how long - this will depend on your income and occupation.

You should also consider the waiting period before coverage starts (this varies from policy to policy) and what kind of benefits you would like, such as critical illness cover. Some policies provide additional features such as accidental death cover or life insurance. Read the fine print to know exactly what’s included in your plan.


Being self-employed has many advantages, but it also comes with some risks. One of the best ways to protect yourself from the financial consequences of an accident or illness is to take out income protection insurance. This insurance will provide you with a replacement income if you cannot work, and it can give you peace of mind knowing that you and your family are taken care of financially if something happens to you.

Book a Free Consultation

* Indicates a required field

Get in Touch

Get the best advice on tax savings, accounting services, payroll, self assessment, VAT and more, whether you want to call us directly, request a call back or chat online with our experts, rest assured that we will always give you the best advice.If you have any questions, or would like to speak to us in person, please do get in touch. We're here to help.

Head Office:

dns accountants
DNS House, 382 Kenton Road,
Harrow, Middlesex, HA3 8DP

Contact Number:

0333 060 2437

Award winning experts
trusted by many

We're proud of our clients and their success. Find out more about them and
the help and support we provide.