Income Protection For Contractors

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Working as a contractor offers freedom and flexibility, but it also comes with considerable financial risks. Whether you’re a construction professional, IT specialist, or business consultant, your income is tied to your contract length, meaning that if you are unable to work you are unable to generate money. One serious illness or injury could be devastating. 

We specialise in providing financial protection for contractors, life insurance for self employed professionals, and income protection for sole traders across the UK. We understand the challenges you face working without traditional employee benefits. Our financial protections specialists are here to help you find financial security and peace of mind.

With over 20 years of experience helping professionals in demanding roles, we know how to find the best value for money deals. We work with numerous insurers to secure competitive rates without compromising on quality of cover.

Don’t leave your financial future to chance. Get in touch today using our contact form or call us on 0345 565 0935 to find out how we can protect your income.

What is Income Protection?

Income protection provides some regular income if you’re unable to work due to illness or injury. It’s designed to help you manage financial commitments and maintain your lifestyle during periods of incapacity. This crucial insurance offers financial security that contractors don’t get from traditional employment.

Income protection safeguards your financial well-being if illness or injury prevents you from working. It delivers regular monthly payments for a fixed period giving you peace of mind during recovery.  

The cover can be tailored to your specific circumstances, with various deferred periods and benefit amounts available. We work with leading insurers to find the most suitable protection at competitive rates, ensuring your policy aligns perfectly with your contracting situation.

Why Income Protection is Important for Contractors

Many contractors operate as sole traders, working independently without access to statutory sick pay, HR departments, or employee benefits. This means that if illness or injury strikes, you face immediate financial hardship with no employer safety net to fall back on.

Construction remains one of the largest industries involving contractors, and the statistics are frightening. Construction workers have the second-highest injury rate out of any major industry group, with an estimated incidence rate of 2,390 per 100,000, or one in every 42 workers. In the 2023/24 reporting year, there were 51 fatal injuries to construction workers in Great Britain, the most of any industry sector. These figures highlight the very real risks contractors face every day.

The financial impact extends far beyond the construction sector. Tech and IT contractors, engineers, and business professionals all face the same fundamental problem. When you can’t work, the money stops coming in immediately. There’s no gradual reduction in income or employer support to ease the transition.

Your mortgage doesn’t pause for illness. School fees, insurance premiums, and everyday living costs continue regardless of your ability to earn. Without proper protection, contractors often find themselves depleting savings rapidly or facing difficult financial decisions during already challenging times.

No matter your profession, we’re here to help you find income protection that suits your specific circumstances and risk profile. Check out income protection for sole traders.

How Income Protection Works

Income protection for contractors can be structured to begin payments immediately or after a chosen deferred period. The deferred period is how long you must be off work before benefits start. Options typically range from one week to 12 months.

You can speak to us about “own occupation” cover for contractors. This cover is designed so that you receive benefits if you cannot perform your specific professional role, rather than any occupation. This distinction is crucial for specialists whose skills are not easily transferable to other roles.

For contractors with variable income, we can discuss cover based on your average earnings over recent years. This approach ensures fair representation of your typical income level, providing appropriate protection without overpaying for unnecessary cover.

Why Choose Sports Financial Services

With over 20 years of experience providing income protection, we understand the unique challenges contractors face. Our background in providing occupational life insurance for risky jobs means we know the specific risks contractors encounter and how to secure appropriate coverage.

We work with a vast number of insurers. Our established relationships allow us to find you the best deal available, securing competitive rates without compromising on cover quality. 

Our friendly team of specialists is ready to speak to you to discuss your exact options. We explain complex policy details in clear, straightforward language, helping you understand the pros and cons of different cover levels and options. This guidance empowers you to make informed decisions about your financial protection.

We pride ourselves on offering personalised cover that can be adjusted as your contracting career evolves. Whether you’re just starting out or have years of experience, we’ll create cover that matches your current situation and future aspirations.

Get in Touch Today

If you’re a contractor looking for peace of mind, get in touch today to discover our income protection insurance options. Every day without coverage leaves you financially vulnerable to circumstances beyond your control.

With 20 years of experience helping contractors get covered, we understand exactly what you need. Our expertise ensures you receive advice tailored to your specific circumstances, whether you work in construction, technology, consulting, or any other contracting field.

Fill in our contact form for your free, no-obligation quote. Our dedicated team will assess your specific situation and discuss coverage options designed for contractors like you. Alternatively, give us a call on 0345 565 0935 to speak directly with one of our expert advisers who specialises in contractor protection.