Self Employed Liability Insurance - 4 Basics Every Small Business Owner Should Know
Whether you consider yourself an independent contractor
, self-employed, freelancer or small business owner, you need adequate self employed liability insurance. Perhaps you think that because you work from the comfort of your own home and you had an attorney create a L.L.C. that you are completely protected. Unfortunately, in our litigious society, that is incorrect. Having the proper insurance coverage protects not only your business but also your personal assets should the need arise. In fact, if you have another freelancer work with you on certain projects, you should request a copy of their policy for your records.Keep in mind that this is not a situation where you should buy the cheapest thing you can find. You need good, quality self employed liability insurance. However, it is not as expensive as you may think. Talk to your local insurance agent. He or she may be able to offer you a multi-line discount if you already have auto or homeowner's insurance with them. Also, do not think that because you work inside your home that your homeowner's will cover any work related issues. In most cases, it will not. If you want to save money, pay for a policy in full up front. Most companies offer a small discount for this practice.
Another key point to keep in mind is to be honest with your agent. You need to give them an accurate idea of what your business entails so they can quote you on the right type of self employed liability insurance. If you tell them you sit in an office all day when you really clean the windows of a six story building, you may have a problem if someone files a claim. Be sure to include the names of everyone that may help you in your business including your spouse. You want your insurance agent to have a clear picture of what you do on a day to day basis as well as who helps you get it done.
When shopping for self employed liability insurance, be sure to compare apples to apples. In other words, do not let one agent quote you a policy for $1,000,000 worth of coverage and a high deductible while another agent quotes a new policy at $3,000,000 and no deductible. Of course, there will be a large discrepancy between the monthly premiums. Do your homework and you will find a policy that fits your budget and your business needs.
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