Hayek Insurance Blog
Freelancers are solely responsible for their work and insurance is crucial for anyone working for another person. It will help you because your business is an asset and should be insured like you would an expensive object.
Why Do Freelancers Need Business Insurance?
Whatever kind of freelancer you are, having freelance business insurance will protect you from customer lawsuits and other risks common to small businesses. Here are some reasons why you need business insurance:
Business-related claims are typically not covered by personal insurance coverage.
While a personal insurance policy may offer limited coverage for things like property loss, it won't protect you from business-related liability claims. For example, if clients were hurt while visiting your home office for a meeting, they might file a claim with your insurance to pay their medical costs.
Insurance protects you from property loss.
Your homeowner's coverage does not cover the technology, tools, and records of a home-based business. Depending on how many expensive items and equipment you use for your business, business property insurance will be helpful.
Business insurance protects you from lawsuits.
A lawsuit could be filed against you if you commit a mistake, breach a contract, or negligently hurt a client financially or physically. Without insurance, you'll be responsible for paying high legal expenses out of your own money.
What Are the Types of Business Insurance?
As a freelancer, you are responsible for your taxes, retirement savings, and health insurance. It also means that you are responsible for protecting yourself and your business with the right insurance.
The kind of business insurance you require will depend on the nature of your operations. Some common types of business insurance for freelancers include:
Professional liability insurance
This type of insurance protects you if you are sued for professional negligence. For freelancers who interact directly with clients while performing a service, this kind of insurance is extremely crucial.
Product liability insurance
This policy protects you if your product causes injury or property damage. Its primary goal is to pay for damages and court fees.
Business property insurance
This insurance covers damage to the property of your business, such as your office and machinery. It can help to protect your company in the event of unplanned catastrophes or tragedies like arson, robbery, windstorm, or even a structure falling under the load of snow.
Business interruption insurance
Covers lost income when your business is interrupted due to a covered event, such as a natural disaster. The covered income loss may result from the disaster-related closure of the business facility or from the subsequent rebuilding phase.
Workers comp can cover medical expenses and lost wages if an employee is injured while working for you. Families of employees who pass away while working may also be given death benefits.
Choosing the Best Business Insurance for Your Needs
Here are two things to consider when choosing the best business insurance for your needs:
By taking the time to consider these factors, you can be sure that you choose the best business insurance for your needs.
As a freelancer, it's important to insure yourself with business insurance. This form of insurance can assist you in covering the costs of losses or harm sustained while working. It can also provide financial protection if a client sues you. Many types of business insurance are available, so be sure to choose the one that's best for you and your business.
At Hayek Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (805) 496-8835 or Click Here to request a free quote. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!