The country is going through something of a boom in the number of people who are self-employed or freelance.

Statistics say there are 4.6m self-employed in the UK, compared to 3.8m in 2008. On top of that there are around 1.9m freelancers too.

According to Forbes, 650,000 businesses were set up in 2016 alone.

The attractions are obvious: flexibility, ‘being your own boss’, freedom, personal development and the chance to possibly earn more.

Of course there are pitfalls too including a loss of certainty about money coming in.

And what many people who ‘go self-employed’ don’t think about is what would happen if they were too unwell to work. According to the Association of British Insurers, a million people a year are forced to stop work for more than four weeks due to illness or injury.

Unlike those in employment, the self-employed don’t get sick pay from their employer and would have to manage on state support, currently up to £109.30 a week.

Consider the bills you have to pay every month, like your mortgage, food, utilities and clothes and that might not be enough.

That’s why income protection insurance is an absolute must for the self-employed.

Income protection insurance kicks in after an agreed period – often three or six months – and helps until you get back to work. Some policies even start straight away, though the longer you can defer, the lower the premium.

There are many, many different policies depending on your needs and the type of job you do. If you are self-employed or thinking about becoming so, give me a call today to discuss getting this vital cover in place before you take the plunge!