As a sole trader, your income is directly tied to your ability to work. One serious illness or injury could stop your earnings overnight. Without employer sick pay or benefits, you’re completely vulnerable to financial hardship.
Income protection can help provide a regular income when you can’t work due to illness or injury. It’s your financial safety net when everything else fails. We specialise in providing income protection for sole traders and self-employed professionals. Cover can help ensure you maintain financial stability during the most challenging times.
We have over 20 years of experience helping professionals in demanding roles secure their financial future. We understand the unique challenges sole traders face. We work with numerous insurers to find cover that fits your specific circumstances and budget.
Alongside income protection, we supply a host of other financial protections including life insurance, critical illness cover and mortgage protection. Our expertise extends across various professions, from medical professionals to high-risk occupations.
Don’t leave your financial security to chance. Get in touch today for a free, no-obligation quote. Call us on 0345 565 0935 or complete our simple online form to protect your income and secure your future.
Get a no-obligation quoteWhat is Income Protection?
Income protection has become increasingly vital in today’s uncertain economic climate. Rising living costs and economic pressures mean sole traders face greater financial vulnerability than ever before. The average time off work due to illness or injury is longer than most people expect, making income protection essential rather than optional.
Income protection can be purchased as a standalone policy or you may also want to consider key person cover which is a life insurance policy taken out to cover the life of a key person within a business. Many company owners opt for both to ensure complete protection for themselves and their families.
Unlike critical illness cover that typically pays a one-off lump sum for specific conditions, income protection provides ongoing financial support for a fixed period. This longer-term security makes income protection particularly valuable for sole traders who lack employer-provided benefits.
Why Sole Traders Need Income Protection
Sole traders face unique financial risks that employed workers don’t encounter. You have no employer sick pay, no HR department, and no company benefits package. When you can’t work, your income stops immediately. This harsh reality makes income protection absolutely essential for anyone running their own business or freelancing.
The financial implications extend beyond lost earnings. Business expenses continue even when you’re unable to work. Rent, insurance, loan repayments, and other overheads don’t pause for illness. Without income protection, these ongoing costs plus the costs of supporting a family can quickly drain savings and threaten your business’s survival.
Many sole traders operate on tight margins with limited financial reserves. A prolonged illness could force you to close your business permanently. The stress of financial pressure during recovery can significantly impact your health, creating a vicious cycle that prolongs your absence from work.
The statistics are sobering. One in five people will be off work for more than six months during their career due to illness or injury. For sole traders, this could mean business closure and financial ruin. Income protection bridges this dangerous gap, ensuring your finances remain stable during recovery.
How Income Protection Works
Understanding how income protection works helps you make informed decisions about your cover. The process begins with determining your insurable income, business profits and drawings. We can then discuss appropriate cover based on your needs, premium costs and cover options.
You can choose a deferred period, which determines how long you must be off work before payments begin. Options typically range from four weeks to 12 months. Longer deferred periods result in lower premiums, allowing you to balance immediate protection with affordability.
You can speak to us about “own occupation” cover for sole traders. 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.
Why Choose Sports Financial Services
Over 20 years of experience providing income protection gives us unique insight into sole traders’ needs. We understand the complexities of self-employed income protection and self employed life insurance. This expertise ensures your policy aligns with your lifestyle and circumstances.
We work with leading insurers to secure competitive rates without compromising on cover quality. Our established relationships allow us to negotiate great terms for sole traders at all income levels. We compare multiple options to find the most suitable cover at the best possible price.
Our friendly team provides personalised service throughout the application process and beyond. We explain complex policy details in clear, straightforward language, ensuring you understand exactly what you’re buying. We’re always available to answer questions and provide ongoing support as your business evolves.
We pride ourselves on making insurance accessible and understandable. Our straightforward approach removes the confusion often associated with income protection. We guide you through every step, ensuring you feel confident about your cover decisions.
Get a Quick, No-Obligation Quote Today
Income protection for sole traders isn’t a luxury – it’s essential business protection that safeguards your financial future. The unique risks facing self-employed professionals make this cover particularly important. Without employer benefits or guaranteed sick pay, you need reliable financial protection when illness strikes.
Take action today and protect your income with Sports Financial Services. Fill in our contact form for your free, no-obligation quote, or call us on 0345 565 0935 to speak directly with one of our expert advisers. We’re ready to help you secure the coverage you and your business needs to thrive; whatever challenges lie ahead.
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