Self-employed people: what insurance do you have

[KlippityKloppity]

Im buying a house, Im 40, Ive been selfemployed my whole life. Now im starting to feel like im tipping into kiddle age and im wondering: whats a good insurance strategy?
No partner to handle the shortfall if things go wrong, either

Critical illness cover, income protection insurance, professional indemnity insurance and watertight home insurance

@Lmnop22
Thank you. So critical illness cover and income protection need to be two separate things? Do you mind me asking how much you pay for the latter?

I have separate because income protection doesn’t have to involve critical illness so the scope is wider. Mine is about £25 per month

If you're wanting to explore income protection type products, Lifesearch are often recommended by consumer focused places like MSE and Meaningful Money because they won't oversell products and are generally considered to be fair to the customer.

Also if possible consider self insurance as part of your strategy. If you have a decent emergency fund so you can afford a longer period before any insurance kicks in, it could save you a lot of money in the long term.

If you are self-employed you should have public liability insurance at the very minimum.

That wouldnt apply to most selfemployed people i know

Thank you, will check out LifeSearch!

PLI is separate to your question but if anyone or anything could be harmed by your actions in relation to your work, it could be invaluable.

Eg you damage someone's property.
You give someone bad advice that costs them money
You sell or make something for them that causes them harm
Someone is injured on your property

It would be a rare self employed person who's not at risk of any of those so it would be wise to be insured against the potentially significant cost.

Whoever invented public liability insurance is laughing all the way to the bank. I never had/needed it in 10 years of being self employed. Why? I wasn’t in an industry where it was remotely relevant or necessary. OP has said she isn’t either so further pontification is irrelevant to her and her question.

DPs paid out over 50 times his annual premium for a relatively minor incident due to the high value of a building that suffered very minor accidental damage. Without it he'd have probably had to remortgage our house to pay the bill.

Never auto renew, shop around for cheaper deals every year

Property & contents insurance (your home)

Vehicle insurance

Travel insurance

AA/RAC vehicle break down insurance

Pay into work pension & this provides life insurance

I dont psy any more