If you have decided to go it alone there are lots of benefits to being self-employed, like the freedom to work when you want and make your own decisions. However, there can also be downsides, as you are ultimately responsible for all your business decisions. With no finance department, the financial stability is in your sole control.
What is self employed insurance?
Specifically designed to provide cover to those who work for themselves rather than an employer, self employed insurance includes a variety of insurance policies which can be tailored to your own specific business needs, including:
- Public liability insurance
- Professional indemnity insurance
Employers’ liability insurance is required by law if you have at least one employee.
Why do you need self-employed public liability insurance?
Most self-employed businesses take out public liability insurance as it covers your business against injury or damage claims made against you. The reasons are clear:
Any of your members of staff could be the cause of a claim being made against you – it’s not just your actions that could be under investigation
Claims can be made against you when working in your premises, or in another location like a client’s home
Some clients may require proof of public liability insurance before working with you
With the public being bombarded with ‘no win, no fee’ offers, they make it easy for people to ‘have a go’ at getting compensation
Who needs self-employed liability insurance?
Any self-employed person whose business involves contact with customers needs self employed insurance, including – but not limited to:
- Window cleaners