Self-employed Income Protection in Ireland – What Do You Need to Know?

As a self-employed business owner, you have a lot to worry about. Not only do you have to keep up with the day-to-day running of your business and make sure everything is going smoothly, but you also have financial commitments to meet such as paying tax and insuring yourself against accidents or illness. The good news is that there are many insurance options available that can help take some of the strain off your shoulders. One option that’s often overlooked by self-employed people is income protection insurance, which provides financial assistance if something were to happen that prevents you from working or earning an income for a period of time due to accident or illness.

What is self-employed income protection?

When you’re self-employed, it can be difficult to get income protection insurance for sellf employed. This is because the nature of your job makes it a lot harder for you to make claims in the event of illness or injury.

The way that self-employed income protection works is that you pay premiums on a monthly basis and if something happens where you can’t work as a result of sickness or injury, then your payments will continue until such time as you are able to return back into employment again.

It’s also worth noting that this type of cover differs from other types by virtue of its exclusions – meaning certain things aren’t covered (more on these later).

Do you still need it?

If you are self-employed, your income is your livelihood. You can’t afford to be out of work and your business will suffer if you aren’t there. You also have no sick pay or holiday pay when it comes to self-employment. So what options do you have?

Unfortunately, there aren’t many. But the good news is that the Irish government recognises this problem and has created a scheme called “Self Employed Health Insurance”. This allows certain classes of self-employed people in Ireland to get insurance against illness, accidents and family emergencies which would otherwise be unaffordable because they do not qualify for Employee Benefit Schemes (EBS) like PAYE workers do.

How much will it cost?

How much will it cost?

The costs of self-employed income protection vary depending on the level of cover you choose. It is important to select a level that is suitable for your needs and will protect your income if you are unable to work due to sickness or injury. The premium rate depends on your age and the length of time you want to be covered for.

The cost can range from €30 a month if you’re aged over 60, up to €1,200 per month if you’re under 30 years old. This means that young people may find it more cost effective to go with group cover from their employer instead as this would be cheaper than arranging individual cover through an insurer directly (i.e., buying direct). However, there are other factors which need considering when determining whether group or individual cover is best suited for each individual situation (e.g., health status).

What is the difference between incapacity and income protection cover?

Incapacity benefits are a lump sum payment, which you can claim if you are unable to work due to an accident or illness. This benefit is typically paid out once the insurer has been notified of your injury and they have accepted liability for the claim.

Income protection, on the other hand, involves monthly payments being made by the insurer until your employment contract has ended due to retirement age or death. It is most suited for those who suffer from long-term injuries as it provides a regular income stream during this period of time – meaning that if you find yourself unable to work following an accident or illness then it could help support your financial needs until such time as you recover sufficiently enough (or not) to return back into employment again.

Learn the details of self-employed income protection.

income protection insurance for sellf employed is a financial product that helps you pay for day-to-day living expenses if you are unable to work due to an injury or sickness. It can cover the period of time when you are unable to work, from two weeks up until a year after your return to work. However, there may be some exceptions depending on your circumstances.

The cost of self-employed income protection varies depending on how much cover you want and how long it lasts for. For example, you will pay more for cover over 10 years than for five years as there is no discount for buying more cover in one go like there would be with other types of insurance such as homeowners or car insurance policies where the longer duration means cheaper premiums because it reduces uncertainty about whether the policy will be needed at all


As you can see, Irish self-employed income protection helps to cover the costs of a loss of income. If you are self-employed and want to get cover for this type of insurance, it is important that you know what kind of plan will be best suited for your needs and those of your family. Hopefully, this article has given you some insight into what options are available so that when the time comes for making decisions about which coverage works best for your situation – whether it be incapacity or income protection