Do I Need Business Insurance When Self-Employed?

Many self-employed individuals do not see the need for insurance. It constitutes an additional expense on an already tight budget, and the risk is minimal given the nature of their business. However, self-employed workers are still at risk for liability claims, and the result could be catastrophic considering the size of your assets.

Affordable Business Insurance

Fortunately you can still protect yourself from liability claims while enjoying a premium that reflects the relatively low level of risk. These options include but are not limited to:

• Join a Self-Employed Network – Rather than purchase an existing business insurance plan, many self-employed individuals have opted to unite and create their own policy which caters to their unique needs. Because the network is typically designed by and for sole proprietors, you can save on items offered in other packages that may be superfluous.

• Limit Your Coverage – Self-Employed individuals have very limited needs. Health insurance is the top priority, but in terms of your business, you may wish to consider disability and professional liability insurance.

• Research and Shop Around – Comparison sites offer a quick and easy way to do extensive research and comparisons without demanding a lot of your time.

Lastly, always remember to choose a policy that fits your business model. Errors and Omissions Insurance, for instance is designed to protect you from negligent advice, whereas other insurance policies work better for injuries and medical bills.

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