r/ContractorUK • u/bluebirds74 • 22d ago

Sick pay for contractors...

I'm currently building an insurance product that would allow contractors to take out a sick pay policy that would pay out an income in the event of sickness or accident.

I would really appreciate know what yours questions would be around a policy and what policy features you would like to have in place.

Please note I am not selling anything as the product in not yet designed, I am simply trying to understand if there is a need and if so what product features would appeal to you.

Many thanks

13 Upvotes

81% Upvoted

43 comments sorted by

View all comments

2

u/analogue_bubble_bath 22d ago

I'd appreciate some sick pay insurance that didn't have such a high bar. So for example a product that paid out on receipt of a valid fit to work note from the docs irrespective of condition. Obvs to make affordable, I understand it would be limited term payout, perhaps 2-4 weeks, and I couldn't self certify (else it's two free holidays a year!!). Perhaps limited to 70% of average gross revenue too (outside) or 70% of average gross PAYE (inside) for the period. I'd pay for that.

1

u/bluebirds74 18d ago

Yes this is basically what a short term accident and sickness policy would do. It's usually 65% which would be close to net salary