As being self-employed means that you are liable for any business losses, and your business inevitably relies on you personally, it is worth considering taking out personal insurance which will protect your business should anything happen to you.
Life Insurance for Sole Traders
Many people already have life insurance, to pay out a lump sum to your family if you are diagnosed with a terminal illness or if you die. This usually covers your mortgage, but as a self employed person, you can ensure it’s enough to cover any business liabilities as well.
Critical Illness Cover for Sole Traders
If you are diagnosed with a terminal illness that means you are unable to work, Critical Illness Cover will provide you an income.
Income Protection insurance for Sole Traders
Like Critical Illness Cover, Income Protection provides you with an income if you are unable to work, but extends to cover illness and injury.
Sole Trader Private Medical Insurance
This could help you access treatment faster and get you back to work sooner in the event of illness or injury.