The gig economy is booming in the United Kingdom. We all expect more and more workers to resign their full-time jobs to work for themselves either as freelancers, contractors, or in self-employed roles. The benefits of being a freelancer in many ways far out-weigh those of stale, routine 9 to 5 work.
Surely, there are many advantages, such as hours, flexibility, pay, choice of work, who you work with and where you work. There are still precautions needed to be taken and as a freelancer you will work for yourself, so you need to look after yourself. You need to ensure that you are insured for protection; something you wouldn’t have to think about if you were an employee.
You might be surprised that there are multiple types of insurance that freelancers can take advantage of and for some people, the coverage of the insurance varies on what they want and need. Hence, no matter what type of gig work you have, there are multiple freelancer insurance policies highly recommended to all.
- This is one of the most important insurance policies that freelancers and the self-employed should secure.This type of insurance will cover you in any case a previous client sued you because they had to face a financial loss due to your service/advice.
- This type of insurance gives you an income if you become unable to work because you are seriously ill. Truthfully, self-employed and freelancers do not enjoy the same benefit of sick pay from their employer so if you became injured or seriously ill for a prolonged period of time then it is understandable that you will still need an income to support yourself and anyone who is dependent on you.
- This type of insurance became popular since the implementation of IR35 that greatly affected many freelancers who do not meet the HMRC’s definition of being self-employed. The benefit of having tax investigation and IR35 insurance is that the insurer will deal with HMRC in these instances, allowing you to continue working and doing what you do best.