Self employed - loss of earnings insurance?

ju5t1n Posts: 2,028
edited August 2012 in Amateur race
I've recently become self employed and a team-mate's broken collarbone during Sunday's road race has got me worried about my income should the same thing happen to me. Does anyone have a loss of earnings policy that covers cycle racing? And is it very expensive?



  • jgsi
    jgsi Posts: 5,062
    Local broker.. or google income protection Aviva... Hiscox as examples

    As you are self employed perhaps fairly wise to be thinking on those lines... regardless of racing as a hobby .. ... accidents can happen at the worst of times.. unsure if you can offset against tax though
  • snowley
    snowley Posts: 149
    I beleive this type of cover will only start to pay out once you have been unable to work for something like 6 months.

    By this time, I would imagine you would have recovered from a cycling injury, however you may want to look into it as a more expensive policy may pay out instantly.
  • pilot_pete
    pilot_pete Posts: 2,120
    Can't help with insurance for loss of earnings for the self employed, but I think you are right to be concerned about getting injured. I know a couple of riders who have suffered such loss, and from anecdotal postings on here it would appear quite likely that you will be involved in a crash if riding cat 4 & 3 races. What injuries you sustain is down to luck.

    I would love to do some crit or road racing but have so far not done so for fear of a bad crash affecting my employment. As you can see from my nick, I have a career where I have to pass a medical every 12 months and things that would not prevent me working in an office can certainly prevent me from flying commercially. I have looked at what i could lose, and I have Loss of Pilot Licence Insurance and Permanent Health Insurance which is the sort of thing you are looking for, and I still cant quite justify the risk. I guess that goes hand in hand with being risk averse as a professional! Doesn't stop me descending like an idiot on open roads though!

    So I have decided to stick to TTing where I feel there is less risk of bunch crashes (depends how many catch me at the same time!), but accept that I am at the mercy of other road users...

    Good luck with finding cover.

  • anj132
    anj132 Posts: 299
    JGSI wrote:
    unsure if you can offset against tax though

    I certainly would disallow any personal insurances.
  • ju5t1n
    ju5t1n Posts: 2,028
    As an update, I have found a policy that will cover me. Looks like it's going to come in at circa £70 a month. I'm umming and arring about it at the moment. I just know that if I don't do it I'll flippin break something in September
  • £70 a month for what exactly?

  • ju5t1n
    ju5t1n Posts: 2,028
    I used a broker. Their website is here – but I used the phone rather than the online search because my requirement is unusual.

    I asked for a policy that will pay out from month one if I get an injury that prevents me from working. I specifically mentioned cycle racing an activity that the cover must include. Amount to cover the mortgage and bills.
  • Thanks! have been thinking about something like this myself.
  • rick_chasey
    rick_chasey Posts: 72,681
    £840 a year is quite a bit.
  • esmr
    esmr Posts: 5
    Try these
    I pay £42 a month for cover of £1200 a month should i be injured at work or play.