“Fun is like life insurance; The older you get, the more it costs” – Kin Hubbard
In response to a regularly asked question looking for insurance recommendations, we thought we’d run a poll to find the preferred choice of insurance provider for UK freelancers. The most notible first stat that came from the poll, was that almost 1/4 of UK freelancers are uninsured.
Victor Sacks, Independent Financial Advisor for small and micro businesses, as well as an insurance lover, isn’t suprised by seemingly high percentage of uninsured freelancers. In his mind, it simply comes down to cost or perceived cost. Yet we’re risking the things that are of most importance to us. As Victor put it, “We are all looking at level 1 of Maslows Hierarchy of needs – to keep a roof over our head, have hot/cold water and the ability to clothe and feed ourselves – yet if an event occurred where insurance was needed and unfortunately wasn’t in place then the very thing you are striving for is potentially at risk”
Of the remaining 76% who are insured, their prefence was overwelmingly in favour of Hiscox, Markel Direct, and Simply Business.
If you fall into the 23.4% of freelancers who are uninsured, Victor advises you to “At least discover the cost – it make not be as horrendous as you think.”
What about you?
Are you insured? If so, who do you insure your freelance business with?
If not, why not?