Many self employed people are inadequately insured.
Ireland has thousands upon thousands of small businesses where the principal or owner has just not had the time to think about what would happen if something went wrong.
Self employed persons should consider the following cover:
- Mortgage repayment protection in case of accident or illness
- Income protection, in case of accident or illness
- Medical Insurance (VHI/Bupa/Hibernian)
- Keyman Insurance to protect the business
- Sufficient term insurance and mortgage protection cover to protect one's dependants
In addition as a self employed person retirement planning should form a central part of financial planning.