Being unable to work poses a huge risk for a large number of Business Contractors.

Having a contingency plan is therefore crucial to counter this risk and make you more financially resilient should the worst happen.

Some Contractors believe that they cannot get insurance, but this is rarely the case.

It might be possible to take out plans to protect your income against long term sickness and critical illness. Furthermore, if you own your own limited company, this could be taken as a Business Protection which may have some tax benefits.

Either way, it’s best to have a plan in place to make sure you are able to financially cope with whatever life throws at you.