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Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

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Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

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Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

4.4 million self-employed workers have no illness cover

24 October 2017

4.4 million self-employed workers have no illness coverA new report reveals that the vast majority of self-employed workers have no contingency plan or critical illness cover in the event that they cannot work.

A study by Scottish Widows has found that 93% of the UK's 4.8 million self-employed workers have no critical illness cover. With one in seven UK workers now self-employed, it means that around 4.4 million people have no protection in place to cover illness or injury.

In addition, nearly half of those surveyed (47%) said they did not have any other kind of contingency plan. Taking time off due to illness would cost them an average of £67,550 each per year according to the report.

Four in ten (42%) uninsured, self-employed workers say they don't need critical illness insurance or don't see it as a financial priority - even though 76% of business owners are sole traders with no-one to cover for them should they fall ill.

The findings show that the average self-employed worker only has enough personal savings to last an average of 9.2 months if they were unable to work because of injury or ill health.

The survey also found that 50% admit that they don't insure key pieces of work equipment, such as laptops and tools. And 70% of self-employed workers say they don't have life insurance.

Johnny Timpson, protection specialist at Scottish Widows, said: "Self-employed workers put immeasurable amounts of time and money into getting their businesses off the ground, but our research reveals that they're failing to protect their greatest asset - themselves. This is particularly concerning when you consider that this workforce has a more limited range of working-age welfare benefits.

"Self-employment and self-reliance go hand in hand, so it's absolutely vital that these workers have a back-up plan in place should the unexpected happen."

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