19th July 2021

Why you still need insurance when you're self-employed

Since December 2000, the number of self-employed workers in the UK has risen from 3.2 million to 4.35 million – peaking in 2020 at 5.03 million before the emergence of COVID-19.*

Whilst two-thirds (62%) say that their household is solely reliant on their income, fewer than 7% have the necessary cover in place to protect themselves in the case of being unable to work.**

What are the main reasons behind this?

Alarmingly, four in ten self-employed workers mistakenly believe that they’re not eligible for income protection insurance.**

Not having the right information leaves a vast number of the working population at risk.

Over the course of the pandemic, the self-employed have been one of the hardest hit demographics, with 46% struggling to pay for basic expenses.***

This situation has given rise to the obvious need for better protection plans in place.

Why is insurance essential for self-employed workers?

Without the right cover in place, you could be paying out of pocket for costly damages or claims against your owned business.

Millions of Brits have seen their incomes shrink as a result of the pandemic, with 37% now recognising the importance of income protection for self-employed professionals, rising to 51% for those aged under 35.****

Where are you vulnerable?

Depending on your industry, you could benefit from a number of covers including:

  • Public & Products Liability
  • Employers Liability
  • Professional Indemnity
  • Motor Insurance
  • Cyber insurance
  • Financial Protection

Another consideration when looking at your risk exposure should be equipment cover, which looks to safeguard you from loss, theft or damage to any tools that are vital to your work. It is important to ensure these are covered. It is often possible these can be covered under your home insurance policy.

Please note that the classes of insurances are not exhaustive and we can always help identify any additional covers that may be required by your business.

As always, our team at W B Baxter are here to help you identify areas of concern. For a review of any existing policies or to obtain a consultation, talk to us today.

**Cover Magazine
***London School of Economics
****Your Money

Want to know more?

To discuss your specific insurance needs get in touch and we will be pleased to help.
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W B Baxter Ltd,
263 Cranbrook Road,
Ilford, Essex,

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W B Baxter Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Company Registration Number: 277519 | FCA Registration Number: 146480. If you have a complaint or dispute with us and are unable to resolve this to your satisfaction, we are obliged to offer you the Financial Ombudsman Service to help resolve this, please see the following link for further details: financial-ombudsman.org.uk