Contractor Income Protection Insurance

Contractor Income Protection Insurance

Black Lion Insurance offers specialist advice on insurance for contractors throughout the UK.

We’ve got this

In a nutshell, contractor insurance is our area of speciality.

How so?  Because Black Lion understands your working patterns, as well as many of the industries in which you operate.  For instance,  we know that your working day can be quite long.  And, that your have niche skills.  So, talk to us today. In our opinion, you’ll have complete confidence in our impartial, client-focused advice and our expertise in your sector.  But don’t just take our word for it.  As part of Halo Consulting, Black Lion Insurance provide whole of market advice. Read Halo Consulting’s 5 Star reviews and see why our customers are happy to recommend us.

Remember, we’re holistic, whole of market advisers.  In fact, we have access to and in depth knowledge of several insurance products.  After a fact-find, we’ll propose the option or options that we think will suit you best.

Whether you have sole trader status or, more likely, are working through your own limited company as a director, we can help you.

Contractor Income Protection.  Expect the best but prepare for the worst

A question, if we may.

If you’re a contractor, have you made provision for the unexpected? Say, if you couldn’t work?  Perhaps you’ve had an accident, and you’ve sustained a serious injury. Or, you’ve developed a serious medical condition.  All in all,  you want to work, but you can’t.  What’s more, your income has dried up.

Be honest, would you be able to keep paying your mortgage and covering your bills?  Meanwhile, what about your family?

As soon as the money dries up,  what would they do?

Sorry, but we need to ask these things.

Given these points, with advice from Black Lion to help you select the right policy, you could swerve a potential cash crisis if things went wrong.

How Contractor Income Protection Works

Essentially, income protection insurance for contractors will pay out a monthly amount to cover your mortgage, bills, groceries and other things like groceries,  should the money stop coming in.

Importantly, it can protect up to 70% of your gross income and depending on your policy, you’ll be able to draw on it both long-term and short term.  Also, ask us about Executive Income Protection, a specialist cover that protects up to 80% of your gross income.

Contractor Income Protection. Things to think about

• In our opinion, you should consider setting a deferred period – the amount of time before the plan kicks in and starts to pay out. Why?  Because it could substantially reduce your premiums.

• However, you could consider Back to Day One cover. It’s more expensive, but as it sounds, you’re insured from the start of your claim.  Talk to us if you’re not sure what’s best for you. 

Length of Claim

• Meanwhile, think about whether you need long or short-term cover, or even cease-age cover.  Usefully, some plans can go up to your planned retirement age.

In summary, short-term policies are more affordable but potentially will, excuse the pun, fall short of the mark if you’re ill for a longer period than you anticipated.  Moreover, long-term cover could enable you to receive income protection payments until you retire.  As a result, they may be worth considering.  Good news.  You may even be able to link payments to inflation.