Consider Accident and Sickness insurance

How much of a financial hit could you afford to take if you suddenly couldn’t work through accident or illness? If you are running your own business, we’re guessing that the answer is that, unless you’re worth millions, you can’t afford to drop the ball for a day, let alone a week or a month. Whereas employees get sickness benefit, the self-employed tradesman is left high and dry if they suddenly can’t work because of an accident or illness. So how can you protect yourself financially if the worst happens?

 Have a plan – an insurance plan

As with any entrepreneurial topic, the key to success in business is to always have a plan. You cannot afford (quite literally) to leave anything to chance – and that is what insurance is there for. You insure your home against loss or damage, so why shouldn’t you insure yourself? Accident and sickness insurance for self-employed tradesmen and women is an essential part of any effective business plan. These days, it’s also easy to get a policy that’s specifically tailored to your needs, and that includes tradesman insurance that covers essentials such as your rent or mortgage in the event that you cannot earn a living due to illness or accident.

 Just another monthly expense?

Insurance premiums may seem like just another monthly expense, and when you’re running a small business every additional expense is an unwelcome one. But consider just how much more it would cost you if you were prevented from earning any kind of income. Suddenly, that small monthly premium seems to pale into insignificance compared to the impact a period with no income could have on your financial security.

If you’re worrying about the bills, then you’re not focused on recovering from your illness or accident – and that can prolong the recovery time considerably. It also puts a great deal of strain on your dependents, particularly if your business is the primary source of income for the family.

Accident and illness insurance takes away much of the worry and concern that bills won’t be paid or suppliers will be left with outstanding invoices. Your business’s reputation depends on your ability to pay your bills on time, so it’s not just a financial blow that a period without any income could inflict on your business.

What should I be looking for?

Accident and illness cover is available from a range of brokers, but you need to look for a company that understands not just the insurance industry, but what small businessmen and women need too. Your ideal broker should have an intimate knowledge of your trade, how seasonal or economic factors could influence the peaks and troughs of your business, and just how much of an impact an injury or illness would have. They should also be able to put together a package that covers you for almost every eventuality, and takes into account any possible occupational hazards that could put you in a higher risk category, for example.

So look for :

  • Bespoke packages that can be tailored to your exact needs
  • Affordable monthly premiums
  • Comprehensive cover for both accident and illness
  • Brokers that understand both the insurance industry and your business
  • Flexible plans that can be changed as your business needs alter