Sickness benefit for the self-employed
As more and more people in the UK look to work online and potentially work for themselves from home we have seen an increase in the number of sole traders and small business operations. However, while there are many benefits to working for yourself and working from home there are also a number of potential pitfalls that you need to be aware. Sickness benefit is an area which is often left unexplored possibly because everybody thinks they are invincible?
The truth is that every day you are unavailable for work will equate to a reduction in your income and if your customers believe you are unreliable they may well look elsewhere. As a consequence it is very important that you check out the array of sickness benefit plans available to you and ultimately what your budget can afford. There are ways to guarantee a fixed income, which would be a percentage of your average income, should you fall ill although it must be noted that you cannot guarantee your full averaging earnings due to government regulations.
There are also other insurance policies which can assist with the running and protection of your business operation and ultimately reduce your potential liabilities going forward. In the early days when money is tight it may be tempting to cut back on insurance cover although, as with any insurance cover, this can in many cases be a false economy and you could pay the price and more in the future.
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