If the Covid pandemic has taught us anything it’s that anything can happen. No matter how hard we work something can blindside us and affect our business. When you are self employed you have to be extra cautious and have plans in place.

For all of the benefits of self employment: flexibility, the ability to work anywhere, and being your own boss; there are the things that make being self employed tough: no holiday pay, sick pay or pension. It is important to protect your income when you never know when the next pay check is coming from. Here are some tips for income protection, which is something everybody needs.

The first thing you can do is get some income protection. Income protection pays out a percentage of your salary if you’re signed off of work through illness or injury. It’s one of the least bought types of protection in the U.K, despite being a perfect choice for literally anyone earning – whether they’re self employed or work for someone else, have a family or live alone. It can really help if something unexpected happens.

Other than getting insurance to protect your income you can also make sure you have a buffer of savings. It is important to have at least three months savings to protect you if your income dries up. When you are self employed it can take people months to pay you, and your income can dry up for a few months. Save a percentage of your income every month. Then you will not have to panic if work slows down.

Being self employed is a fantastic thing but it can have its drawbacks. Make sure you are protected if things go wrong.

Collaborative post with our brand partner.