Self Employed Business Insurance

Insurance for Self-Employed Workers

There has been a growing trend towards self-employment, especially since the financial crisis of 2008 and more and more people have become drawn to the flexibility and autonomy offered by working for themselves and being in control of their work. Some have turned to self-employment after being made redundant or finding it hard to get into traditional employment and the advances in technology have meant that it is much easier to find freelance or contract work.

When you work for yourself a compensation claim can hit hard, whether you’re facing legal action, theft of equipment or a personal accident that means you’re unable to work for a period of time.

Being self-employed can bring great freedom, but you can’t be prepared for everything, and liability insurance will protect you and your business if someone chooses to make a claim against you for injury or property damage as a result of your business activities. Health and vehicle insurance as well as income protection will ensure you have an income in the event that you are unable to work due to illness or accident.

The Criteria to Consider for Self-Employed Worker Insurance

As a self-employed person, it is vital you understand the criteria and factors when you are considering insurance to ensure you make informed decisions that will protect your financial security and business interests. Some of the criteria you need to consider are:

  • Nature of your business – different businesses come with varying risks, for example, a freelance consultant may need professional indemnity insurance more than a self-employed carpenter, who would require more of a public liability and tool insurance policy.
  • Potential financial risks – you need to evaluate potential financial losses or liabilities that could arise from accidents, mistakes or unforeseen circumstances related to your work.
  • Legal and contractual requirements – some industries, clients and projects may have insurance requirements that need to be met before starting work.
  • Income stability – if you’re reliant on a consistent income, then you might prioritise the protection of income insurance.
  • Location of work – where you work from will impact the type of cover needed. Home-based businesses might need additional cover if they have clients visiting or are holding stock at their homes.
  • Equipment and tools – if you have specialised equipment you will want them to be covered against theft, damage or loss.
  • Health and safety – consider any potential health risks associated with your job, especially if it involves manual labour, chemicals or other risky activities.
  • Property and assets – if you own or lease a business space, property insurance can cover the risks of damage to that space or any inventory held there.
  • Employees – if you have anyone working for you, even on a part-time basis, you are legally required to have employer’s liability insurance.
  • Level of interaction with the public – you may need public liability insurance if you often interact with the public in any way.
  • Travel – if you travel frequently for work, especially internationally, you should consider travel insurance that covers business-related trips.
  • Terms of the policy – consider the coverage limits, the excess, policy exclusions, the premiums and any flexibility in payment plans.

Consider, also, the reputation of the insurer, and make sure you find a broker that is known for good customer service and prompt claims processing. Try to get several quotes to be able to compare for price and coverage of the policy offered. Our team at Prime Cover is ready and waiting to help you curate the perfect Self-Employed worker's insurance policy with no jargon or technical language.

Get in touch today to discuss your unique self-employed worker insurance needs and for a free, no-obligation quote.

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The Benefits of self-employment worker insurance

There are many benefits to self-employment worker insurance, and these include:

Risk management

It will manage any potential risks that could lead to significant financial loss.

Peace of mind

Knowing you have a safety net frees you up to focus on your work.

Legal and contractual requirements

Some clients or projects might require self-employed worker insurance before they can work together.

Protection of assets

Protects business and personal assets from lawsuits or claims.

Business continuity

Even if you have a major setback you can still continue operating without major financial strain.

Enhanced reputation

Having insurance will indicate responsible and professional business practices to clients, partners or employees.

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Vehicle sales insurance

Vehicle sales insurance refers to insurance products specifically tailored to businesses and companies engaged in the sale of vehicles

Vehicle collection and delivery

Vehicle collection and delivery insurance is a type of coverage specifically designed for businesses and individuals involved in the collection, transportation and delivery of vehicles from one location to another.

Auto electricians Insurance

Each auto electrician needs to choose the policy that suits their unique business and needs.

New businesses

A new business is more vulnerable than a more established company and new business insurance will provide a safety net against unforeseen circumstances that can have potentially significant financial consequences.

Valeters Insurance

Car valeting is so much more than soap suds and polish and as people will always want a pristine vehicle to drive – valeting is unlikely to ever go out of business.

Mechanics / Mobile Mechanics

Mechanics who work from a garage or those who work on a mobile basis from a van, need to be covered by protection that ensures you’ll not be stopped from operating as normal.