The Complexities of Self Employed Redundancy

Written By ipink edy on Thursday, October 24, 2013 | 1:47 AM


Normally, the statutory redundancy payment is only for those who do their 9-5 jobs. The self employed individuals do not qualify for such benefits. In some cases, a statutory redundancy payment can be offered to someone whose work fits more the role of an employee than someone who is self employed. If they get classified wrongly as a self employed person, they can have entitlement for the redundancy payment since they should have been classified as a regular employee. This is the regular set up that you will normally see in most insurance companies. However it is still possible to find self employed unemployment coverage.

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The self employed redundancy insurance is not offered by all companies but it is still possible to find one that suits you the best. Most of the time, when it comes to sickness and accidents, you can still benefit from the policies similar to regular ASU insurances. Since you are not a regular employee, there will be a slight difference with the unemployment aspect. For those who are employed compared as those who are self employed, the claim for redundancy is a bit more straightforward. They need to be outside the exclusion period and that the redundancy was not expected. For someone who is asking for self employed redundancy insurance, the insurance company would have to require or prove that you already totally stopped from trading or dealing businesses. The business should also have been registered in mortgage payment protection. When all these have been secured, the insurance and coverage can be given to the individual.

For some, it might seem like the point of no return. The reality is that if you are in need of self employed redundancy, you are probably on that point that the business is wrapping up already. You might even be contemplating on choosing a different kind of career or you might choose to work as an employee while deciding on you future. This insurance is very beneficial since even if the business is bankrupt already, the person can still pay the bills, address your health needs and survive while you are venturing to a whole new career.

The self employed redundancy is a very useful kind of policy that any self employed individual should have. Protecting yourself from the risks of illnesses, stress or accidents is a priority but if it happens and if it happens that the business is doing badly, you need to make plans already and consider setting up a policy that you can turn to if push comes to shove. This is one of those brilliant security measures that you should have for your own sake to survive and to prepare when issues happen.


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