Working for yourself brings flexibility, freedom and control – but also risk. When you’re self-employed, your ability to work is your business. If illness or injury prevents you from trading, your income can stop overnight.
Unlike employees, contractors and freelancers do not receive statutory sick pay, workplace benefits, or employer-funded support. That makes financial resilience even more important.
The hidden risk
If you’re self-employed, the business often is you. If you cannot trade, you cannot earn. The government’s Keep Britain Working Review found that only 3.8% of people who stop working due to long-term sickness return to work within a year.
In other words, once ill-health forces someone out of work, very few manage to return quickly. Income dries up, savings are depleted, and business relationships can fade. For someone who runs their own business, that can mean starting again from scratch – if at all.
This is why it’s so important to think about income protection before something goes wrong.
Why income protection deserves a place in your plan
An income protection policy is designed to replace part of your income if you are unable to work due to illness or injury. It provides a financial safety net so you can focus on recovery rather than worrying about how to cover bills or business expenses.
Some key reasons it matters for self-employed professionals include:
- No employer safety net – there’s no sick pay or HR department to fall back on
- Protecting your household – benefits can help meet regular outgoings such as mortgage, rent and utilities
- Maintaining business continuity – you can keep essential costs covered while you recover
Protect your most valuable asset – you
For self-employed professionals, your ability to earn is your single most valuable asset and having the right protection in place can make the difference between short-term hardship and long-term stability.
How we can help
As IPSE’s partner for independent financial advice, Chase de Vere works with self-employed professionals across the UK to help them strengthen their financial resilience. We can review your existing protection, identify gaps, and make sure your income is properly safeguarded against life’s uncertainties.
IPSE members can book a free consultation with Chase de Vere today and take the first step towards securing your income.
The information contained within this article is for guidance only and does not constitute financial advice.
Income protection is included with IPSE membership
Join today and get cover for illness, injury and jury service.
The latest self-employed news & opinions
IPSE's Vicks Rodwell outlines proposals to make self-employment easier, from a higher Trading Allowance to fairer Universal Credit rules.
Self-employed and buying or remortgaging in 2026? Higher rates and income complexity make it tougher. Here's what to expect and how to prepare.
Working from home in hot weather can be challenging at times, but you can make it a lot more pleasant and manageable with some small changes and inexpensive gadge...
