I’m self-employed, what Personal Injury Insurance should I have?
When you are self-employed, if you are injured and unable to work for any length of time this can mean you aren’t able to pay your bills. This is where Personal Injury Insurance comes in (also known as Personal Accident Insurance).
We specialise in dangerous occupations and sports cover. So if you do manual work, use tools/machinery or work at heights, we are best placed to provide a Personal Injury Insurance policy that’s right for you. We know many people also play sports and we can provide cover for most sports from Football and Rugby to Motor Cross and Rock Climbing.
There are many different types of Personal Injury Insurance, so here’s some information to help you understand which type of cover may be right for you.
Different Types of Personal Injury Insurance
When looking into Personal Injury cover, there are many different types of policies available and several factors to consider. Below is a summary of some of the main types of cover available.
Please note, this summary contains generic information only and is not a personal recommendation. It is based on insurance regulation, taxation and business practice as at October 2021. The best thing to do is call us on 01732 363562 and we will be more than happy to advise you.
This is by far the best type of Personal Injury Insurance to have. It has several advantages over other types of cover and is competitively priced.
- Income Protection plans have much shorter waiting periods before you can claim – in some cases as little as 4 days.
- They can cover all illnesses and all accidents including sports injuries. This is particularly important as about half of the Personal Injury Insurance claims we receive are not related to work injuries.
- Some examples of recent claims we’ve seen include sports injuries – a broken knee from football, a nasty skiing injury – a broken ankle at a BBQ and a fractured coccyx whilst walking a dog.
- They pay an income to you for as long as you cannot work. This could be right up to age 65 – rather than just 2 years like many policies.
- Finally, you do not have to have been in hospital to receive an income from the plan – you simply have to be unable to do your usual job.
Personal Injury Compensation Schemes
These often cost less than £10 per month or are free with some bank accounts.
They can offer huge, headline headline-grabbing amounts of compensation ‘£20,000 for the loss of the use of a leg’ – but beware! On closer inspection it becomes clear that if you were to break your leg and be off work for 6 months, you would get NOTHING – because the policy only pays out if you have permanently lost the use of your leg. If you are looking for Personal Injury Insurance these are often the worst type of policies.
Personal Injury Insurance Hospitalisation Schemes
These policies pay out if you have to stay in hospital overnight due to an injury. In theory they are a good idea, but many injuries do not require hospital stays and you may end up with nothing.
Mortgage Payment Protection Policies
These are often sold when you take out a mortgage.
They often include basic Personal Injury Insurance but there are drawbacks. Firstly, they are almost always overpriced – especially if they have been bought from a bank or building society. Secondly, they normally have a waiting period of at least 30 days before they will pay out, and then will only pay out for a limited time period – typically 12 or 24 months. Usually, you can get cheaper and better Personal Injury Insurance elsewhere.
Personal Injury/Accident Protection Policies
These come in many varieties and are sometimes are attached to a business insurance package.
Although the cover is usually fairly basic, they are better than not having any Personal Injury Insurance. The main drawback with these types of plans is that they generally only pay out a small amount of money for a limited period.
Top tips for finding the best Personal Injury Insurance for you
If you are looking for Personal Injury Insurance, make sure you follow these golden rules:
- Never buy on price alone. If it only costs £10 per month, or is free, then ask yourself why.
- If you buy a policy combined with another insurance product, you are unlikely to get the best cover.
- Above all, use a specialist company that understands your business. You will usually end up with better quality cover that suits your needs.
So, if you work in a dangerous job or need cover for the sports that you do, get in touch!
For more information or to get a quote, please call us now on 01732 363562