The latest figures from the Association of British Insurers (ABI) reveal that in 2023, a record 247,000 people took out Income Protection Insurance. The Covid-19 pandemic demonstrated just how quickly someone’s circumstances can change, and the figures reflect a growing trend for prioritising financial security, as employees become more aware of the risks associated with illness or injury.You might think that as a self-employed owner of a small business, offering Group Income Protection is an investment that you can’t afford to make, but not only does it demonstrate that you will support your employees during difficult times, it also helps to boost job satisfaction and enhance productivity — something that is especially important if you rely on just a handful of staff.Income Protection Insurance for the self-employedIncome Protection Insurance pays an employee a portion of their salary if they are unable to work due to illness or injury. This financial support can be instrumental in enabling someone to keep up with bills and living expenses during their recovery period. Crucially, knowing they have financial protection can minimise the stress and anxiety associated with a potential loss of income, enabling the employee to focus on getting better.In addition, some Income Protection policies come with support services that can hasten the return to work. For example, YuLife’s Group Income Protection provides rehabilitation support to help your people get back on their feet. Through its Employee Assistance Programme (EAP), YuLife’s policies also include 24/7 mental health support and 24/7 access to a Virtual GP, so that your employees don’t have to wait to access the services they need, potentially minimising any absences.Being a self-employed business owner inevitably means having multiple demands on your time, but YuLife’s Group Income Protection cover is simple to set up and manage, with 1-2-1 support when you need it. It requires no medicals or underwriting, and cover is guaranteed for all eligible employees.Read our small business employee benefits blog for more advice on choosing a suitable benefits packageYuLife’s holistic approach to employee wellbeingRelying on a small team means it’s even more important to ensure that your people stay fit and healthy. YuLife’s gamified employee app offers daily challenges and friendly competitions to encourage your workers to keep active. For example, employees can earn points for completing exercises, achieving daily step goals, or participating in team-based activities. Employees are rewarded with YuCoin for interacting with the app, which can be redeemed at leading retailers, including Amazon, Nike and Starbucks, or even donated to charity. Offering Group Income Protection can also boost your employees' mental health, and with figures from the Health and Safety Executive showing that almost half of the 1.8 million people suffering from a work-related illness in 2022-23 (875,000) were experiencing stress, depression or anxiety, the mental health of your people, particularly in a small team, is something you can’t afford to ignore. 5 key benefits of Income Protection for the self-employed As we’ve outlined above, there are a number of reasons why Income Protection for the self-employed is a good idea, for both your business and your people. In summary, it:Eases money worries — one of the primary causes of stress and anxiety.Incentivises healthy habits — by rewarding people for exercising regularly, sleeping well and prioritising their mental health.Reduces diagnosis and recovery times — by providing easy access to rehab, counselling and support.Smoothens the return to work — by enabling your people to take the time they need to ensure they recover properly.Shows your team that you care — by creating a culture of trust.Request a demo for your team today.