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 insurance