Self employed - loss of earnings insurance?

ju5t1n

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?

Thanks

jgsi

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

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

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.

PP

anj132

JGSI wrote:

unsure if you can offset against tax though

I certainly would disallow any personal insurances.

ju5t1n

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

sunburntknees

£70 a month for what exactly?

Link?

ju5t1n

I used a broker. Their website is here www.incomeprotectinsurance.co.uk – 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.

sunburntknees

Thanks! have been thinking about something like this myself.

rick_chasey

£840 a year is quite a bit.

esmr

Try these http://www.cirencester-friendly.co.uk/Income-Protection
I pay £42 a month for cover of £1200 a month should i be injured at work or play.