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Income Protection Insurance for the Self Employed

Life and business naturally progresses in peaks and troughs. There are times of growth and success and there are also times of uncertainty, and no one can really guess which will come next. This is why income protection insurance is so important, especially if you are self-employed.

Protecting your income should be one of your biggest priorities, particularly if your work or business is a major source of income in your home. Your income and your earning power is one of your most valuable assets. Just think for a second — if you were to be injured today, tomorrow or some time in the future, how would you keep normal expenses under control? If you were forced to stop working tomorrow, for how long could you continue repayments on your mortgage or electricity? For how long could you buy food or keep on top of the routine — not to mention unexpected living expenses?

The benefits and risks of being self-employed

As a self-employed person you are able to have more freedom in your life. Many people choose to work for themselves in order to enjoy the benefits of work flexibility, independence, uncapped earning potential and the opportunity to do what is truly enjoyable and fulfilling to them. But with the freedom of owning your own business comes great responsibility and risk. Your business relies on your ability to get up every morning and work. What if you could not do that for a season of your life?

Think about it

It’s unpleasant to think about, but being self-employed often means that if something goes wrong, there is a greater chance of things falling apart. You don’t have to live with this kind of insecurity if you take the time to make a plan for the future. Planning ahead, whether it’s an elaborate and detailed fallout plan or some simple safety nets that you put in place, can give you a great sense of comfort.

When considering the uncertainty of the future, it’s important to consider who would be most affected if you were to stop earning. What kind of stress and strain would an accident or illness put on your partner, children or other dependents? The scary reality is that those you love the most — those who are dependent on you — are the worst affected.

A new way forward

Instead of continuing to stress about the “what ifs” of the future, take action today to make a plan for the future. Like most business owners, you probably play a multitude of roles in your business, but take the time to think about the most essential tasks you personally take care of in your business. Would you be able to replace yourself if you were to fall ill or sustain a serious injury? Who could you temporarily hire to take care of sales, marketing, completing jobs or projects, payroll and the like?

The next issue is replacing your income while you are unable to work. Income protection insurance will give you confidence that your expenses will be covered and allows you to focus on what is important — getting better sooner. You can access income protection quotes online immediately to find our what it takes to gain peace of mind.

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