Income protection insurance for contractors

Income protection for self-employed contractors (with their own company) provides you with a regular income if you’re unable to work due to an accident, illness or injury. Above all, you can choose how much cover you need, though we always recommend speaking to a UK contractor financial specialist. Furthermore, you can cover up to 70% of your income, before taxes. Indeed, this will include salary, dividends and sometimes bonuses. The level of contractor protection depends not so much on how much you earn each month, but on how much you spend every month. Therefore, please take your average monthly outgoings and add on any other regular commitments such as topping up your savings, pension commitments etc and this will let you know broadly the level of cover you require. Once again, we recommend that you discuss your specific requirements with an income protection expert that truly understands UK contractor finances.