For the past thirty years, the number of self-employed Americans has risen steadily. A difficult job market, the ease of finding jobs online and the flexibility and freedom of self employment are all factors that have driven these numbers up, particularly in recent years. If you are one of the millions of Americans who have discovered the joys of self-employment, you may want to consider the potential risks you face with this type of work and look into purchasing self-employment insurance.
You may have questions about the insurance coverage that is available to you, and might want guidance or assistance when looking for an affordable policy. This article can help you understand business insurance options for your company.
There are advantages to taking your employment into your own hands, but you sacrifce many of the benefits offered by corporate employers. You will therefore need to secure the following on your own:
Self-employed insurance is a business insurance plan specifically designed to meet the coverage needs of your business. The main reason for having this insurance is to protect you from liability claims that may be brought against you.
Those who are self-employed do not always feel there is a good reason to spend money on insurance coverage. Depending on your profession, you may not face many risks from day to day, but it's important to know that without business insurance, your personal and business finances could be at risk in a liability claim.
Liability claims can range from being sued for an injury at your place of business to causing property damage while working in another person’s home. For those that provide professional services, there is the risk of a dissatisfied customer suing you for sub-standard work or breach of contract. A business insurance policy can provide you with coverage that can protect you from financial losses relating to liability lawsuits.
This insurance can protect you by providing coverage if you suffer property loss or damage to your business materials or equipment. If you do lawn maintenance work, for example, and your equipment is damaged or stolen, you may be able to receive compensation for your losses.
Likewise, if you work exclusively on a computer and your machine and software are damaged in a fire, you may be able to collect restitution. In some cases, your homeowners insurance may cover these losses, but not all.
Insurance for the self-employed does not have to be unmanageably expensive.. You can build a policy that will provide coverage only for the risks that are inherent to your business industry. The lower your risk of liability claims, the less your policy will cost you.