subject: Self Employed Liability Insurance - Covering All The Bases [print this page] The idea of self employment is a dream for many. It takes a great deal of planning and research before making the leap to an independent, employer-free lifestyle. Facilities, equipment, inventory, and funding are usually the primary focus of the initial planning stage. However, one important and often overlooked aspect of planning is self employed liability insurance. Insurance plays an important role in business planning, not just as an expense. Sure, the premiums for insurance are an expense, but the peace of mind coverage allows can be a relief that far outweighs the cost.
Risks are common in any business venture. Business owners take risks when designing a new product, launching new marketing campaigns, securing bank or investor funding. Nevertheless, how many self employed professionals and small business owners fail to plan for unexpected accidents, professional errors, or damages caused by the public? It would be impossible to plan for or allocate funding to the innumerable mishaps that could potentially befall a self employed professional or small business owner. A customer slips entering the facility. A typo in a financial statement for a client results in a bitter battle with investors. An employee accidentally inhales dangerous chemical vapors. These are the events self employed liability insurance plans are intended to cover.
What types of self employed liability insurance plans are available? Professional liability plans cover malpractice, errors and omissions, and other claims of damages caused by poor or negligent performance of a professional. Public liability plans protect small business and self employed professionals from claims for damages from third parties, such as customers and vendors. (Public liability insurance is often required when a business or professional rents office space or other facilities where the public is liable to enter the premises.) Employer's liability insurance covers claims arising from injury to an employee. All Risks Liability policies are available and cover a broad spectrum including employer, public, and professional.
Omitting insurance in the planning stage of a business can have devastating effects. A single mishap can drain the resources of even the most profitable business. Self employed liability insurance can help minimize the impact some of these risks can have on a business. Careful consideration of potential liability risks can ensure a self employed professional's personal and business assets are protected from damage claims. As with any other important business or self employment concern, a professional is the best resource for determining specific needs. A qualified insurance professional can best suggest the right insurance coverage for a particular business or self employed professional.
by: Troy Truman
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