subject: Self Employed Liability Insurance: Protecting Your Business And Yourself [print this page] Self employed liability insurance can be your best friend. Lawsuits are an increasing irritant for all businesses, and for the self employed- as the title suggests- it is up to you to protect yourself from their costs. But where do you begin? It can be confusing, especially if you aren't sure what you are looking for. First you have to consider your needs. Do you own your own business, or are you a contractor? The type of liability insurance you need depends on what you do. You have to think about what your job entails, how it affects those around you, and what that might mean for you. Liability insurance typically isn't expensive, but it can be a life saver if you ever need it.
There are several types of liability insurance which include but are not limited to general liability, product liability, and professional liability. For those seeking self employed liability insurance any of these three might work, but depending on your type of employment one might benefit you more than another. General liability is similar to liability insurance for your car, except it covers your business. It will cover bodily injuries and property damage that has been sustained by and caused by employees, but no more than that. Product liability is a specific type of liability insurance that will protect you and your business from claims on defective products. Professional liability insurance protects professionals who offer specialty services. Malpractice insurance is a type of professional liability insurance. Doctors, dentists, and even construction contractors are all involved in jobs that come with a high risk. You have to think carefully about all of the possible risks involved in your business. If your work affects other people, whether directly or indirectly, you need to take into consideration the very real possibility that someone might get hurt and you will be held responsible.
Much like your home or automobile insurance, self employed liability insurance exists to protect you and your business from unforeseen calamity. The car manufacturer, Toyota, has experienced just such a situation. Theirs is a good example of why liability insurance is an important asset to any company. For the self employed it is more so. Just make sure to think carefully about your needs, and choose accordingly. A few things you might want to look for within each type of coverage include coverage of legal costs, type of protection, medical fee coverage, and payment of property damage.
by: Troy Truman
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