Other insurances worth considering |
Permanent health insurance
As a freelancer, you do not have the safety net of a permanent employer to pay for sick leave. It is worth investigating permanent health insurance to cover your personal outgoings should you ever be unable to work for long periods. Private medical insurance can make a lot of sense. Quicker treatment times through private care can help you avoid lengthy layoffs.
Some policies pay a lump sum in the event of a critical illness. It is advisable to apply for medical insurance before you experience symptoms of a serious nature.
Income protection insurance
Income protection insurance schemes can be used to cover employees in the event of long-term sickness, paying their salaries during the period of incapacity. Executive income protection provides cover for both salary and dividends.�
Business interruption insurance
Business interruption (or �consequential loss�) insurance compensates you for extra costs incurred and trading profits lost if your business suffers serious disruption after, say, a fire. �
Tax loss insurance
Tax loss insurance reimburses the tax, penalty and interest losses arising from an HMRC ruling against you which results in additional tax to be paid, especially in relation to IR35.�
Legal expenses insurance
Legal expenses insurance covers legal costs such as solicitors� fees and court costs. Many policies offer legal guidance via a telephone helpline.
Key man insuranceKey man insurance can make your business less vulnerable to the illness or death of key employees.�
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