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Income protection insurance for sole traders is "extremely important" in the event that they fall out of work, an industry specialist has emphasised.
Graeme Trudgill, technical services manager for the British Insurance Brokers Association (BIBA), explained that this is the case whether such traders are working alone or with employees in a business start-up.
He also advised that although insurance can be "quite low down as a priority" for many firms which have recently undergone company formation, speaking to a broker is vital to get an appropriate product at the best price and "keep the wolves from the door".
Mr Trudgill continued: "Banks that sell it to their self-employed clients can be very expensive - dont just settle for that, always get a second opinion.
"Insurance brokers who specialise in income protection should be able to give exceedingly competitive and appropriate policies.
"People have to discuss what their needs are with their broker before they buy. Dont just go online and think: Oh, Ill just get that one."
The Association of British Insurers (ABI) issued new guidance on "improving clarity for consumers who take out protection insurance online or on the phone" on 29th August 2007.
According to ABI statistics, 5,009 accident and health insurance policies were written in 2005.
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