Business & Personal Protection for Contractors
Shareholder Protection, Key Person, Private Healthcare, Income Protection Relevant Life Insurance… Let’s face it, there is a dizzying array of different products and solutions in the contractor protection insurance space. It is difficult to adequately assess which product at what level of cover will best suit your needs. This is where talking to an expert contractor adviser really comes into its own.
That’s why we recommend Broadbench. Their expert advisers specialise in contractor-specific solutions, offering whole-of-market advice tailored to your unique needs. From risk mitigation to tax efficiency, they simplify the process, ensuring you get the right coverage without the hassle.
Unlike other financial services providers their approach is human-centric and about building long-term relationships that grow with you, this is why they are 5-star rated for their customer service.
Plus, ContractorUK readers will receive a £25 Amazon voucher as a thank-you when you take out your first Business or Personal Insurance policy through Broadbench. For more information and Terms and Conditions click here.
What Is Business Protection?
1. Debt - Business Loan Protection
The policy proceeds are used to help pay off any outstanding loans the business may have.
2. Ownership - Shareholder Protection
On the death of a business owner the policy proceeds are paid to the remaining owners to buy the share of the business from the deceased’s estate.
3. Profit - Key Person Insurance
The policy proceeds are paid directly to the business to be used to help replace a Key Person or cover the loss of profits that may occur.
4. Family Protection - Relevant Life Plan
A tax efficient single life Death-in-Service benefit. 
5. Avoid Sick Pay Costs - Executive Income Protection -
The policy is arranged and paid for by the employer on the life of a key employee. If the employee becomes ill or injured and unable to work, the monthly benefit under a claim is paid to the employer who passes onto the employee via PAYE to fund ongoing sick pay.
6. Reduce Sick Days - Business Healthcare
Small business health insurance gives your employees access to private healthcare. It’s perfect for sole traders - or if you’re a small business.
Download our guide to Business Protection
Are you contracting outside IR35?
If you are contracting via an Umbrella, Broadbench can still help you. Personal insurances such as income protection, private healthcare and whole-of-life can be used to ensure you still earn when unable to work due to illness, skip the NHS queues to get better, sooner and provide a guaranteed payout to your family.
Personal Protection & Insurance
1. Protect Your Family - Life Insurance
Provides a large tax-free payment if you pass away which can be used to pay the mortgage off or help your family with living expenses. If you own a limited company, Relevant Life Insurance may be a more tax efficient way to get life cover.
2. Guaranteed Payout - Whole of Life
This policy guarantees your family get a payout when you die. It’s cover for your peace of mind that your loved ones will have financial security no matter what.
3. Protection For You - Critical Illness
Provides a tax-free lump sum payment against serious illnesses as well as advanced or life
threatening ones.
4. Get Seen Quicker, Get Better Faster - Private Healthcare
When ill, getting back on your feet as soon as possible is paramount, but this isn’t helped by the huge waiting times at NHS hospitals. This is where Private Health Care is key.
5. If You Can’t Work, You Can’t Earn - Income Protection
As a contractor, you don’t have the luxury of sick pay which is why it’s so important to have Income Protection. It gives you the peace of mind that if you become ill, you’ll be paid a regular wage so you can look after the bills until you’re well enough to return to work.
Download our guide to Personal Protection and Insurance.
You can also find out more by getting a quote by calling 01202 700053. Monday to Friday - 9am to 5pm. (closed on Saturdays, Sundays and Bank Holidays).
Broadbench Ltd is authorised and regulated by the Financial Conduct Authority number 590288 in respect of mortgage and insurance mediation activities only. Registered address: 167-169 Great Portland Street, 5th Floor, London, W1W 5PF. The company is registered in the UK, number 07491324.
