YOUR TIME IS PRECIOUS DON?T WASTE IT.

Remember time spent with an accountant is an investment. So, how do you want to spend yours?

Sole traders ‘lack income protection’

The overwhelming majority of self-employed workers have no critical illness cover, leaving them open to financial ruin in the event of long-term sick leave.

Scottish Widows polled 5,077 individuals and found 93% of Britain's 4.8 million-strong self-employed workforce has no critical illness cover.

76% of respondents said they have nobody to cover for them if they be unable to work for themselves, with 42% not seeing critical illness cover as a priority.

Almost half (47%) of self-employed workers have no savings to fall back on, while 62% have no other source of income outside of running their business.

The average self-employed worker has enough savings to last 9.2 months if they were unable to work, but 48% said their household is solely reliant on income they provide.

Johnny Timpson, protection specialist at Scottish Widows, said:

"Self-employed workers are failing to protect their greatest asset - themselves.

"It's absolutely vital these workers have a back-up plan in place should the unexpected happen, especially with so many of their families being solely reliant on their income.

"Having a financial back-up plan will provide peace of mind and allow people to enjoy the many benefits that self-employment brings."

Contact us to discuss income protection.