Risk Management - Insurances, Medical Insurance

When operating a limited company it is vital to consider whether your company and the individuals operating through the company need to take out any insurance. The need to take out insurance may be due to a legal obligation, a contractual requirement or indeed simply due a personal need.

Medical Insurance

As a freelancer you will not have the employee benefit of receiving sick pay from your employer if you are unable to work due to illness. Naturally, any time spent not providing services due to illness, could have severe financial implications on both the company and you as an individual, as your income is totally reliant on your ability to work.

Thus, if you are unfortunate enough to be struck by an illness you will both want and need to get back to full health as quickly as possible. Unfortunately, in this day and age, with current NHS waiting lists as they are, this process can be delayed unnecessarily. It therefore, makes sound financial sense to take out medical cover that will prevent delays in treatment taking place.

There are varying providers of such insurance, the main players being BUPA, Norwich Union and AXA PPP. The cost of cover varies and is dependant upon your age, state of health, history of illness and the level of cover that you require.

Risk Management - Insurances, Medical Insurance

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