Self-employed lack income protection

Posted 28th September 2017 in For Businesses For Workers

Just four per cent of self-employed workers have income protection insurance in place, according to new research.

A new study by insurer LV= reveals many freelancers, contractors and sole traders wrongly believe they are ineligible for such insurance, while others feel they cannot afford the premiums.

As a whole 11 per cent of the working population have some form of income protection in place, but it seems self-employed workers are failing to prioritise insurance, despite having financial concerns.

The poll found people who work from themselves also have higher fees about having an accident or falling sick and being unable to work.

LV= is highlighting new ways to ensure self-employed people can feel more secure and face less financial uncertainty when it comes to their welfare.

“LV= is calling on the government to give the new Single Financial Guidance Body (SFGB) a specific remit to focus on promoting UK financial resilience when it is established in 2018. Self-employment contributed £255 billion to the economy in 2016 alone, with the Office of National Statistics crediting it as one of the defining characteristics of the UK’s economic recovery,” said the insurance company.

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