subject: Contractor Accident And Sick Insurance [print this page] For anyone, the possibility of falling ill, getting injured, and of course dying is a troubling concept. Without trying to come across as too morbid or dark, the potential risk of becoming immobile or bed ridden is a great worry to most, and this rings true highly throughout the professional sector.
For an average employee, if they were to fall ill, they would be entitled to a certain amount of sick leave usually paid for a substantial period of time, and if the boss is extremely generous, often leads to a staff 'get well' card. For contractors however, this will never happen, and as a result of this leaves a big question mark as to what will happen if one falls ill.
For contractors, sickness and illness has a more lasting worry on their conscience, their profession creating a number of potential hazards should any health concern occur. As they are self-employed, contractors are not entitled to any paid leave or sick pay, making them substantially vulnerable when ill regarding their finances. A contractor on 200 pounds a day would lose 200 pounds for every day that they were ill, which you have to agree, is no small loss. Thankfully however, contractor sickness cover exists as a way in which contractors can remain covered should any health issues make them unable to work during a contract.
Sickness insurance is essential to contractors, they unsurprisingly are avid to remain up to date financially to sustain a lifestyle that relies on the wages brought in by a contract. Because of this, the policy is highly popular throughout the profession, making it a common cover taken out by those in both high and low risk professions. Insurance is essential to contractors regardless of their status, and sickness cover is very high on the list of recommended protection.
Premiums of sickness insurance fluctuate regarding the amount of indemnity, professional risk and of course, yearly income. The cover is however an absolute must to any contractor, and is considered a small cost for such a potentially life saving form of cover. The phrase 'It's better to be safe than sorry' suddenly comes to mind. No contractor wishes to fall ill at any moment, and obviously not many of us like thinking about let alone planning for these things, but this being said, sickness insurance for contractors is a policy that cannot be overlooked.
Sickness cover does not only benefit the contractor should they fall ill, but also protects their assets and finances in the unfortunate event of death. Again, this concept is highly morose, but ominous though it is planning for potential death, that benefit is just another perk that sickness insurance brings. Contractors are self-employed professionals who must plan and prepare for any eventuality, their professional status making them vulnerable to potential financial loss.
by: Chris Carvill
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