Income Protection Insurance For Sole Traders

With that being said it is highly recommended you do.

Income protection insurance for sole traders. This is a concern that s familiar to thousands of start ups across the country as more and more people try their hand at going it alone. This is because sole traders generally don t have sick leave or workers compensation. Only for your employees. Other forms of insurance that sole trader tradies may want to consider include tool insurance life insurance trauma and tpd insurance.

Although as a sole trader you are not legally required to take out income protection insurance. New company start ups in ireland exceeded 20 000 in 2016 for the first time in almost 20 years a trend that is mirrored among sole traders. Income protection to fill the gap of workers compensation personal accident insurance workers compensation for your. Sole traders are allowed to receive income protection insurance.

Many of the larger worksites and building companies have mandatory income protection requirements for all tradesmen working as sole traders and subcontractors. Understanding how and when to go about taking out income protection insurance whether as a sole trader or a small start up company is an important aspect of protecting yourself against any unforeseen circumstances.