Newbie Insurance Question

darrinm81

I am trying to understand the varying policy types out there. Effectively I am self employed (contractor operating through a limited company). I have recently attained a residential mortgage.

Should my existing business fail or I become ill, what type of insurance do I require?

Mortgage Payment Protection Insurance? (Accident, sickness & unemployment)
Or a more specialised business insurance?
Or both?

How does the unemployment term apply when you are self employed?

InsideInsurance

You should really speak to an advisor to look at the options available for you.

If you are a director of a company then you are not self employed but an employee of that company. As you have gone down that route I would assume that you are outside of IR35 and thus are paying yourself a small salary and taking profits as dividends. If you dont get a contract renewed then you are not technically unemployed, your still an employee of your company, only if your company winds up, fires you or your resign would you become unemployed.

In addition to looking at ASU/ CI for yourself you could also look at Key Man insurance for the business to insure you (rather than you insuring yourself)

billcage

Hi! I'm a new member of this forum and planning to get insurance. What are the things that I must consider in getting insurance? How will I know if the insurance company is a scam? I wish you could help me. Thanks.

InsideInsurance

All insurers must be licensed by the FSA so you can check if they are genuine by searching on the FSA site:
http://www.fsa.gov.uk/register/home.do

Of cause scam is a subjective word, there are legitimate business that are aimed at the ultra budget end of the market who will sell insurance with very low cover and enforce every T&C with no goodwill at all. Some would call these scams but they're not, its generally more accurate to say the product is poor and people have bought on price not on value