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Income Protection Insurance

What would you do if you had an accident or fell ill and were unable to work?

We know that nobody wants to think about this topic. But if you’re a self-employed tradesperson, then it’s an important question that you need to consider.

At Rhino, we are experts in trade insurance and we know everything there is to know about financial protection as a self-employed tradesperson or contractor. Here we turn our spotlight onto Income Protection Insurance and explain why it can be so valuable to tradespeople like you.


What is Income Protection Insurance?

Income Protection Insurance is an insurance policy which is designed to cover your income for up to a year if something happens – like injury or illness – that means you’re unable to work.

This type of cover is like a safety net. It offers protection from the financial hit you’ll inevitably take if you’re unable to earn your usual living. 

For a self-employed tradesperson, this type of insurance is something of a no-brainer. Working for yourself means you don’t benefit from any form of sickness package – even Statutory Sick Pay (SSP). You can’t delegate projects and tasks to others while you recover at home at your leisure. In the trade world, your time is money, and the harsh truth is if you’re out of the game – you’re not earning a penny.

If something happens to you which means you can’t work, your income will stop while your rent, mortgage, household bills, grocery bills and other costs will continue to pile up. 

As a self-employed tradesperson, even a few days out of work can seriously impact your finances. And if the absence runs into several months – well, you can imagine the knock-on effect. For most people, being unable to earn would have disastrous consequences on your and your family’s financial stability.

Luckily, Income Protection Insurance is specially designed to offer income protection and address this serious issue. It pays out a regular sum to cover your income (up to your chosen level of indemnity and a maximum of £2,500 per month) if you suffer from a serious injury or death as a result of an accident or are unable to work due to sickness. The compensation can help protect against loss of income and help with other bills and expenses whilst you are unable to work, offering priceless peace of mind for a low cost.



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Do I need Income Protection Insurance?

If you’re reading this, the answer is probably yes.

Self-employed tradespeople are among the most likely people to need to claim Income Protection Insurance

This is for a couple of reasons. Firstly, you work on a self-employed basis, so if you aren’t able to work, then you won’t get paid. Secondly, working in the trades is statistically more dangerous than other jobs. This means that, unfortunately, you take on more risk every day and are at a higher risk of injury or illness than those working in most other professions.

Remember, it’s not just accidents or illnesses you sustain at work that are covered by Income Protection Insurance. With Rhino’s policy, you’re also protected by this policy during your time off the clock. Check out the Policy Wording document to find out more about what you’re covered for.



Do I need Income Protection Insurance if I’m not self-employed?

Despite the self-employed being the most in need of it, Income Protection Insurance is for everyone – whether you’re a salaried employee or self-employed. Many people who work for an employer are only entitled to Statutory Sick Pay (SSP) should they be injured or fall ill, which is just £109.40 a week for up to 28 weeks following an accident or illness.

Some employers top this amount up with their own private scheme, but even this only goes so far to cover your basic living expenses while you’re recovering. For this reason, Income Protection Insurance is frequently taken out by people in salaried employment to ensure themselves and their dependents are stress-free and financially comfortable during a period of sickness absence.

Many people don’t have enough savings to cover a month without money coming in – let alone several months. If this sounds like you, regardless of whether you qualify for sick pay or not – then you need Income Protection Insurance.



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What does an Income Protection Insurance policy cover?

Income Protection Insurance from Rhino Trade Insurance offers you a monthly payment to cover your income security for a period of 3, 6 or 12 months following an accident or illness which renders you unable to work. 

This amount will be based on the indemnity option you have chosen – up to a limit of £2,500 per month. You can spend the payout on anything you wish as the money will be sent directly to your nominated bank account each month, although most people use it to cover things like mortgage, bills, groceries and other living expenses or to generally support their existing financial commitments.

To qualify, you must be aged between 18 and 65 and either self-employed or employed and working for a minimum of 16 hours per week.



Will Income Protection Insurance pay out if I die?

Nobody wants to imagine the worst, but your dependents and loved ones will be glad you did if it ever came to it. Rhino’s Income Protection Insurance will pay a sum of 12 x your monthly maximum benefit on your death, up to a maximum of £30,000.



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  • Policy pays a monthly benefit where you are unable to work
  • Payment of up to £2,500 per month (or 60% of your income)
  • Lump sum payment of 12 times the monthly benefit in the event of your death
  • Monthly or annual payment options
  • Instant cover with documents immediately



How much does Income Protection Insurance cost?

Different insurers offer different prices, but with Rhino, you can get your income protected from as little as £66.24 a year – that’s just £5.52 per month. 

You’d need to head over to our online quote engine to get an accurate quote, as there are different factors affecting the price of each individual’s policy. These include:

  • Salary – if your salary is higher, then you’ll be looking at a higher level of cover, which will come with higher premiums.
  • Risk – the riskier your job, the higher your premiums may be. 
  • Monthly expenses – if your monthly expenses are high, you’ll need a higher indemnity limit, and therefore, your policy will cost you more each month.
  • Debts – if you’re paying back credit cards or loans, you’ll need to allow for these in the cover limit you choose.
  • Marital Status – if you have a partner whose earnings can cover some of your usual outgoings, you may not need as much cover. 
  • Dependents – if you have people depending on you financially, you’ll likely need a higher cover limit.
  • Age – as with many insurance policies, being older is likely to affect your monthly premiums
  • Health – pre-existing conditions will also likely affect the cost of your cover as you may be more likely to claim



How does Income Protection Insurance work?

Income Protection Insurance is relatively straightforward. You can take it out in a matter of minutes with Rhino via our website. You can get a quote in just a minute or two – and once you decide on the level of cover you want, you’ll have the policy documents in your inbox by the end of your lunch break. 

You can choose to pay either monthly or annually for your Income Protection cover. It’s totally up to you – and with Rhino Trade Insurance, you won’t be punished for spreading the cost with interest fees.

So long as you pay your premiums on time and honour the terms and conditions as set out in your Policy Wording document, that’s all there is to it. You’ll be protected 24 hours a day, and should an accident or illness occur that prevents you from being able to work, just get in touch with Rhino to begin the fuss-free claims process. 



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You have probably heard of Personal Accident Insurance, and might be wondering whether it’s the same thing as Income Protection Insurance – and whether you need both.

In reality, they’re similar policies with some key differences. We have established that Income Protection Insurance pays out a monthly benefit for a period of time of up to one year if you are unable to work due to an accident or sickness. 

Personal Accident Insurance from Rhino Trade Insurance pays out a lump sum of up to £50,000 in one go in the event of a qualifying accident or injury. 

You can purchase either policy in isolation – or both together. It all depends on how risk averse you are, and how financially protected you wish to be should something happen.




  • Where you are unable to work for a period of time due to an accident or sickness this Policy will pay a monthly benefit payment based on the option you have chosen up to a maximum of £2,500 per month.
  • You can choose your monthly benefit provided it does not exceed 60% of your gross monthly income (if employed) or 60% of your taxable monthly income (if self-employed).
  • In addition, if you die as a result of an accident the Policy will pay a lump sum of 12 times the monthly benefit amount.
  • Note that the Policy will not make any payment for the first 30 days that you are unable to work due to an accident or sickness.

As with any insurance policy some things are not covered, including an accident or sickness resulting from the following:

  • Any sickness diagnosed within 90 days after the policy commencement date
  • Any pre-existing medical conditions (including diagnosed COVID 19 cases) unless you have been symptom free and not received treatment or advice for that condition for at least 24 months preceding a claim or where you had COVID 19 symptoms but did not receive hospital treatment as an inpatient or outpatient.
  • Chronic conditions
  • Elective surgical procedures
  • Specified back conditions
  • Stress, anxiety, depression or any emotional disorder
  • The taking of alcohol or drugs

We recommend that you read the Policy Document in full before deciding whether to purchase cover. 

Get in contact with our team today or call us on 0116 243 7904 to get a quick quote.



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