Self Employed Business Insurance

If you are currently self-employed or considering becoming your own boss, you need to think about your insurance. Self-employed people are not given the same level of protection as those who are employed by a company. As it is a legal requirement for firms with staff to have employers liability insurance, you know that if you work for someone, you will always be able to claim compensation if you are injured at work or suffer damages.

However, as a self-employed individual, you will not have any financial protection if you fall sick, face legal action or business interruption. Whilst there is an Employment and Support Allowance of £99.15 per week, this may not be enough to keep up with your expenses.

At Be Wiser, we provide self-employed business insurance policies that are catered to your needs. Depending on your profession and whether you are a consultant, freelancer or contractor, we will assess the risk and find the best level of cover for you. We work with some of the leading insurance companies in the UK and have access to range of deals and policies - so why not call us today for a free and no obligation quote on 0333 999 0802.

With several types of insurance for self-employed workers, we specialize in the following:

  • Liability insurance
  • Health insurance
  • Income protection

Liability Insurance For Self Employed

Working with different people and places can always lead to an accident. If you are held responsible for damages causes to another individual or property, you will be held liable to pay for any damages. Instead of the costs coming out of your own pocket, having the right level of cover can help pay for any compensation, legal and medical fees.

Self employed public liability insurance allows you to pay compensation to any member of the public that is affected by your work. This is common for contractors such as plumbers, buildings or handymen who regularly deal with the public. For instance, if something you have worked on accidently breaks and hurts one of your clients, they have the right to sue you for damages. So having this cover in place is essential to protect your business.

Professional indemnity offers financial protection to those giving professional advice to their clients. Typical for psychiatrists, lawyers, accountants and doctors, if the advice you have provided to the customer has adverse effects, they may hold you accountable and request reimbursement and compensation. For instance, if a financial advisor offers investment advice but it causes their client to lose a huge sum of money, the victim may wish to take legal action. So if you are taken to court and have to settle, your insurance will cover any legal fees and reward to the victim, provided it was not your fault.

If your business involves selling products, your liability insurance can also protect you if any defective or harmful items are sent to customers. If your product causes damage to an individual, they may ask for reimbursement or file a lawsuit.

Self Employed Health Insurance

There are several benefits of applying for self employed medical insurance and dental insurance too. You may be eligible for premium tax credit and other savings from your health plan based on your income, household size and profession. (Source:

Further discounts are available to those that organize their insurance in groups, allowing you to save because you are purchasing your cover in bulk.

It is possible that you received medical care as part of your previous employment and if so, you may be able to continue with that insurer at the same rate. Since we work with so many providers, we may be able to help you continue your previous plan and get an even better price.

Self Employed Income Protection Insurance

In the event that you get sick or injured and are unable to work, income protection is designed to provide you with financial support. Typical causes are stress, back conditions, heart disease and cancer leaving you incapable of carrying out your work.

With income protection, you receive around 50% to 60% of your gross salary each month. So it acts like a replacement salary that you can use towards anything, such as living expenses, medical treatment, mortgage repayments or staff in your absence. This cover is considered long-term and can last until your retirement or until the end of your policy date.

Critical Illness Cover

Similar to income protection, critical illness is a long-term policy that offers a huge tax-free lump sum if you fall majorly ill or lose a body part that you need for work. This includes suffering a heart attack, stroke or losing your arms and legs.

The large payout is used to pay off long-term debts such as mortgages and school fees or can replace your regular income.

Life Insurance

If you die, your life insurance policy will pay a lump sum or regular payments to your dependents e.g spouse and children. This amount is usually very high to provide financial support to your family in your absence and offer a regular stream of income to the household.

Other Things You Can Insure

There are other types of insurance we can offer to self-employed people such as tools insurance for everything you keep at home or in your van that you need to carry out your work. This can also include equipment such as laptops or computers that you use on a daily basis.

If your business requires the use of a vehicle, we can insure this with a specialist commercial car insurance policy - so in the event of an accident, we can cover all the repairs and replacements necessary and get you back on the road. You can also add goods in transit insurance to cover any goods that are broken, damaged or stolen due transportation.

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Get a Policy Tailored To Your Needs

No matter what your line of work, we can set up a policy specifically for you. With a single premium, renewal date and one set of documents, we can get you the cover you need as quickly as possible.

The cost of your policy will depend on your profession, risk, age and health but using a broker like Be Wiser, we have access to a number of deals at once, meaning that you can get the best quote possible.

Our large team of qualified insurance advisors is based in South-England and they are just a phone call away. Call us today on 0333 999 0802 or get a quote online here.