Self Employed Liability Insurance - What It Is And Why It's Important
You left your long-time employer to pursue your dream of opening an art gallery
. You developed a business plan, signed artists, leased the perfect downtown location, and spent what money was left advertising the gallery's grand opening at the end of February. Not the best time of the year, but it has been a warm winter and you hope for a good turnout. You didn't count on the late-season ice storm and despite your best attempts to clear the frozen mess from the sidewalk, a guest slips and falls, badly injuring her knee. She threatens to sue. If you don't have self employed liability insurance and you are found liable for the accident, courts could take not just your business, but your home and personal assets as well.Small business owners shed blood, sweat, tears and money to ensure a successful start and a bright future for their ventures. In the excitement of starting their dream jobs, though, they often forget to protect themselves from liability, a grave mistake in today's litigious world. That is where self employed liability insurance can be invaluable, protecting small business owners and independent contractors from frivolous lawsuits that can shutter businesses and shatter dreams. When building your business plan, insuring your fledgling venture must be a top priority on your to-do list.
There are a number of self employed liability insurance plans available. The type and amount of coverage will depend on your business. Retail store owners, for example, may want policies that protect them in case of accidental injury. Independent contractors may consider general liability policies that protect against libel and slander. Business owners who provide a service, like child-care or senior-care centers, may also want a professional liability policy that includes malpractice insurance. If possible, any policy should cover some legal fees because the cost of hiring an attorney alone may put your business in jeopardize.
Even if you're a company of one, self employed liability insurance is a crucial investment that should not be overlooked. Take some time to research the policies available to you and choose one that best suits your needs. You can start your research on the Web, but don't be afraid to call a provider for their expert advice - that's what they're there for. If budget is an issue (and it always is), consider cutting another line item before cutting your insurance. It could just save your business.
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