subject: Self Employed Liability Insurance - A Must Have For Small Business [print this page] A necessity for anyone in business for themselves today is self employed liability insurance. This insurance varies in type and costs, but all exist to protect self employed individuals from many types of loss they can suffer as a result of legal issues. While many people are good at their particular trade, they may not be experts in this area and should seek out professionals for help navigating proper coverage for their particular needs.
A doctor with a private practice would need a different type of self employed liability insurance than a contractor. Each industry has its specific set of circumstances and risks of exposure. For example, doctors may be faced with protecting their practices from claims of malpractice, while contractors may find themselves defending claims of shoddy work. Merchants may find themselves having to protect against loss of merchandise whether in transport or another unforeseen loss. Regardless of the specific industry, None are exempt from the potential for loss and lawsuits. Since starting and running a business is a big investment it should be properly protected.
Since there are many areas where businesses and self employed people can be vulnerable, it is wise to seek out insurance agents that can help determine each business owner's needs for coverage. Self employed liability insurance can be much more effective when there is a two way conversation between the insurance agent and the self employed individual about the business and how it is conducted. It is also wise for the self employed person to seek out different quotes. Premiums will vary based on the type of business and the degree of coverage, as well as the likelihood of loss experienced by specific industries. For example, will the business be conducted from a commercial space that is leased, owned, or rented? Perhaps the self employed person will conduct business from home, which can potentially open up personal property and family to risk. As a self employed person, having employees can present a whole other area of risk and liability than not having any. Sub contracting as opposed to having employees is also different. Insurance is all about identifying risk and transferring as much of that risk to the insurer as possible.
As changes in the business world are becoming more rapid, how business is conducted changes even faster with the advent of new technology. Each new opportunity is also a potential pitfall. Self employed individuals will always have a need for self employed liability insurance, and regular checkups with the insurance broker are recommended.
by: Troy Truman
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