If you're self-employed and work by yourself you need to make sure you organize the correct insurance for you and your business. This will be insurance that covers you against any unforeseen and unexpected set backs or accidents that befall you and your company. If not protected you could face serious losses or even the closing of your business.
A lot of insurance companies offer something called Public Liability Insurance for the self-employed. If you search the internet you will be able to see a number of different quotes and policies. This is the most important type of insurance for your business. It covers you and your business for claims made against you by customers, clients and third parties, including members of the public.
The exact type of insurance you need depends on your type of self-employment, and one policy will vary from another. In addition, and depending on the nature of your career and your dealings with the public, you may well need to combine Public Liability Insurance with other kinds of insurance. For example, financial advisors may need to have both public liability and also professional indemnity insurance because of the nature of their profession and because of the position of trust they take when dealing with the general public. In addition their may be insurances that their own industry require they take out, related to financial advice, for example.
There are, then, a number of specialist insurances that self-employed workers should check if they need. The following are the most common insurance policies for the self-employed:
Public Liability Insurance
Public Liability Insurance protects you and your company from claims against you by members of the public, customers, clients and is advisable for almost all businesses.
Professional Indemnity Insurance
Professional Indemnity Insurance gives you insurance cover for the services and advice you might give to your customers or clients. Should that advice or service be incorrect or wrongly performed and cause damages to your customer, they would have redress in the courts. Professional Indemnity Insurance covers you.
Employer's Liability Insurance
Essential insurance for all self-employed people who have reached a stage with their business where they need to employ other people.
Commercial Vehicle Insurance
If you use a commercial vehicle for your work then you need to get commercial vehicle insurance.
Business Buildings Insurance.
Business Buildings Insurance is essential if you work from home or rent or own a site - it covers both the building and any of the business equipment inside.
To find a suitable self-employed insurance policy for your business seek out brokers who specialize in self-employed and contractor mortgages, tax solutions, umbrella companies, pensions and insurance policies. They will give you a better rate than most general brokers and financial institutions.
