In the event of “sickness or health” you are reliant, solely, on your ability to work and perform at your very best. Business continuity is critical to ensure you can sustain your ability to earn a living, come rain or shine!
Ordinarily, freelancers seldom have adequate insurance in place as they are not covered by employers like the rest of the working world. Freelancers are also not subject to mandatory insurance cover and often elect to take their chances, neglecting the zero-tolerance for downtime in a freelance world and mostly seeing this as a “grudge” purchase.
Whilst you should consider other insurance products, these are the insurance products that freelancers should regard as non-negotiable in their portfolio.
1. Disability Insurance: This is the most important insurance for freelancers, to ensure you have an income if you are hurt, injured or suffer a chronic disease and are unable to work.
2. Health Insurance: Your ability to perform with minimal sick days is critical to your success as a freelancer. When selecting a health insurance product, consider the preventative health benefits, including annual check-ups, flu vaccines and other measures
to take care of your wellness.
3. Retirement Insurance: Falling outside of an existing company pension or provident system, you should sign up for a retirement policy sooner rather than later. In the event you are exiting the corporate world, do not be tempted to cash-in your existing retirement fund; rather transfer this to an appropriate retirement scheme.
4. Public Liability Insurance: If your work requires visitors and/or part-time workers to your house, for business, you should have cover to protect you from loss or damage claims by work- related people.
Working from home, may restrict your cover in respect of your existing insurance products. Check your policies now!
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