Insurance Advice for the Self Employed
A lot of people dream of being self-employed. No boss to answer to, work to your own schedule, take a holiday whenever you want and a chance to work at something you are really passionate about. On the other hand, there are a few downsides to not being employed by somebody else. You have to do your own taxes, you are solely responsible for your profits and you need to deal with getting your own insurance policies. Don’t be fooled into thinking that your home insurance policy will cover you if you work from home. You need to get the proper cover to protect you and your business.
There are a lot more risks involved in being self-employed, nothing is guaranteed. However, you can minimise these risks by taking out a comprehensive insurance policy that is tailored to your sole trading needs. You can make sure that any negative consequences are mitigated with a good insurance policy. Not only is this good practice, it is a regulatory requirement most of the time – you should check over and make sure what cover you need.
If your business involved you being in contact with members of the public a lot of the time, you will need public liability insurance cover in case you cause injury to another person or their possessions/property. If your business employs other people you are going to need employer’s liability insurance. Many businesses will be providing their clients with advice, so professional indemnity insurance is a necessity. If you supply a client with poor advice, they may want to make a claim against you. Professional indemnity insurance will cover you against these types of claim.
If you are interested in a liability insurance quote or just want to know more about our insurance products feel free to give us a call on 0845 838 5195 or visit our liability insurance page for a fast, free online quote.
James Savery, 05 July 2013