Seguros y pensiones para todos

Insurance and the self-employed: great allies

Insurance and the self-employed: great allies

Home > Blog > Insurance and the self-employed: great allies

12.Nov.2021

Insurance has become a valuable support for the self-employed, one of the groups that has been most badly hit by the crisis.

All sorts of contingencies can occur which affect the already risky adventure of being self-employed. For this reason, we’re going to take a look at the different insurance formulas designed to help the self-employed deal with unforeseen events.

Compulsory insurance

Although a self-employed worker is only entitled, in principle, to social benefits through the payment of the self-employed social security contribution, this changes if the professional concerned has employees, if their activity takes place in commercial premises, or if they need a vehicle to do their business. In these cases civil liability insurance is mandatory, which is intended to protect the self-employed person in the event of damages caused to third parties by their business activities.

Non-compulsory insurance

Some 72% of self-employed people are afraid to take sick leave due to the loss of income that this entails. Taking out sick leave insurance, as well as accident insurance for freelancers, is an interesting option to mitigate the effect of this type of unforeseen event. On the other hand, more and more freelancers are choosing to take out private health insurance, since by using the private system they can shorten waiting times for diagnostic tests or surgical interventions.

During lockdown, with the increase in online business, many freelancers have been forced to diversify their business through the Internet, which has led to an increase in cyber risks. This has meant that taking out cyber risk insurance has become very common.

Finally, looking to the future, retirement insurance is an interesting alternative for these professionals: this insurance reflects the fact that most self-employed people pay the minimum social security contribution, so by the end of their working life their pension may be too low. This insurance complements the economic capacity of the self-employed professional when it comes to retirement.

As you can see, the insurance industry is constantly innovating to ensure that self-employed professionals, who account for more than 90 percent of Spain’s business sector, can continue to operate in the event of any unforeseen circumstances.

You may also like…

Life insurance and the theory of decreasing responsibility

Life insurance and the theory of decreasing responsibility

In other words, these policies allow you to plan your finances and get the level of protection you need at any given moment. For this very reason, the question of when it is advisable to take out a life insurance policy goes hand in hand with specific phases of life,...

5 tools for saving money on your inheritance

5 tools for saving money on your inheritance

The big difference is that you know when you have to pay your taxes, but you don't know how much time you have to plan your inheritance. The solution? Do it as soon as possible so that nothing is left to chance. This is how you can really save your loved ones time and...

New ways of taking out insurance, same efficiency

New ways of taking out insurance, same efficiency

Digital channels play an especially important role in the early stages of the purchase decision. Currently, approximately 75% of consumers search online for information about car and health insurance and almost 60% look for home, life and savings insurance, according...

Alexa and OK Google help you with home insurance

Alexa and OK Google help you with home insurance

Adjusting lights, changing the temperature and activating alarms can be done without having to lift a finger: virtual assistants like Alexa and Google respond to our voice and can be used to control these functionalities, making them more direct, immediate and simple....

Passive or active investment, which is for you?

Passive or active investment, which is for you?

And what if that were not the only way to invest? Within the different strategies there are two basic options: active investing and passive investing. You are most likely to be familiar with the former and less familiar with the latter. Passive investing allows you to...