Insurance for self-employed

Being self-employed is a difficult option in Spain and the insurance companies have highlighted the importance of having a good sickness leave insurance in place, as well as having products and policies in place that make their work easier.

A recent study carried out on self-employed people concluded that only 15% of this group have taken sick leave and that being self-employed has a strong impact on them as professionals and only 3 out of 10 people would recommend being self employed whereas 10 years ago it was 6 out of 10. The reason for these statistics is that self employed people do not have enough support from the state and the contribution scheme is not beneficial at all.

Another factor that stood out was that 85 % of self-employed people have not taken any leave and many of them who needed a holiday were not able to as they did not have the necessary financial means and it was financially infeasible. Only 10% believe the regime they are affiliated to sufficiently covers the expenses derived from a leave, and 80% do not have any Plan B in place and those who do have a Plan B resolve it through insurance and savings plans.

Self employed people would like to have access to insurance policies that are more flexible as regards to the benefits they offer. They want tranquillity and security because being self-employed is already complicated enough. Not many people realise either that sickness leave policies are tax deductible.

People prefer to insure their car on a fully comprehensive basis rather than themselves, so take some time out and add that extra “airbag” for yourself and see what insurance you can take out for YOU.