If you’re a contractor, it’s important to have contractor income protection insurance.
But, what is it? Contractor income protection insurance is a type of insurance that protects your income from being lost due to an unexpected death or disability. This kind of insurance is great for contractors because it helps them get back on their feet if they are unable to work due to illness or injury. Contractor income protection can also help with other unforeseen events such as business closures and personal tragedies like losing a loved one or suffering a serious injury.
If you’re thinking about getting contractor income protection, you should know that this type of insurance is not the same thing as regular life insurance. Contractor income protection policies are typically much more expensive than standard life policies and there are often exclusions in place regarding what types of work qualify for coverage. You should also consider whether or not your business will be eligible for additional coverage at all since some companies offer commercial contracts (such as building construction firms) that do not qualify for coverage under most policies offered by state regulators (the Federal Insurance Administration).
When looking into income protection for contractors, Contractor Advice UK is the best option to go with.