Self employed & Contract Workers
Our policy is available for the Self Employed and Contract Workers and suits a wide variety of people from Tradesmen to Consultants at a very competitive price.
If you are unsure how much you can cover per month, take the monthly average of your annual income as declared on your self-assessment return for the previous tax year, as confirmed by the Inland Revenue. Please note that your net monthly income may include dividends so long as it is taken as salary and not share dividends.
SELF EMPLOYED
We take great pride in treating our customers openly and fairly and with that in mind please follow our 3 step guide which highlights the main facts to be aware of before applying.
1) Make sure that you are defined as a self employed person under our policy.
Definition of self-employed
- Helping with, managing or carrying on a business in the UK and are liable to pay tax under schedule D Case, I, II, IV or V or the Income and Corporations Taxes Act 1988; or
- Paying Class II National Insurance contributions; or
- A partner in a Partnership; or
- A person who exercises direct or indirect control over a company, or owns more than 10% of the issues share capital of the company
- Working for a company and in any way connected with a person who has control over that company (for example, you are one of his or her family)
2) Make sure you are eligible under this policy:
You are covered under this policy if on the start date you were:
- Aged 18 and under 64
- Actively working (i.e. not off sick) when you apply
- Working for at least 6 months immediately before the start date
- A permanent resident in the UK
- You are named on the application and we have accepted you application
3) Make sure you would be eligible to claim
Claims for unemployment
To make sure you are able to claim under our policy please be certain that you can provide evidence that your final accounts have been submitted and your business has:
- Permanently stopped trading and/or is in the process of being wound up; or
- Has been put into the hands of a company dealing with insolvency; or
- Is a partnership which has been dissolved or is in the process of being dissolved.
Benefit will not be paid if your business temporarily stops trading or is dormant.
Claims for Accident & Sickness
All exclusions as for employees will apply, please see Policy Terms & Conditions. In addition your Incapacity must stop you from helping, managing, receiving any money from or carrying out any part of the day-to-day running of a business. In addition you must be in receipt of Short Term Incapacity Benefit from the JobCentre Plus.
Unlike many similar policies offered elsewhere, we do not exclude dangerous occupations so even tree surgeons, motorcycle couriers and helicopter pilots may apply.
CONTRACT WORKER
As with being Self-Employed to be eligible to apply for income protection insurance please make sure you meet the same eligibility criteria as for employees and are on a fixed term contract of employment at the start date of the policy. We will only consider your cover under the unemployment section in accordance with the following:
At the start date of the policy you must have been working for the same employer for at least 6 months and had your contract renewed at least once. We will then consider a claim only if your current contract is terminated prior to its expiry date. In addition, any monthly benefit will only be paid until that contract would have expired. However, if at the start date of the policy you have been working for the same employer for at least two years and have an annual contract, which has been renewed at least once and has at least six months remaining, we will consider any claim as if you had been in permanent employment.