Offices, PCs and cars are generally priorities for insurance, but many entrepreneurs neglect a more valuable possession - their health. Fortunately, peace of mind can be bought for a sensible price.

If you have a partner or dependants, then you should consider some form of life insurance which would pay out a lump sum on your death and leave them free of financial worries such as a mortgage or business loans.

In the event of sickness, a permanent health insurance (PHI) policy may be more suitable. PHI cover replaces income when the policyholder is unable to continue working because of ill-health.