This Is What You Need to Know About Self Employed Insurance

Right now we’re living in an age in which a person needs little more than an internet connection to become a business owner. If you’re a self-employed professional, you need to put your ducks in a row just like any other business owner.


This starts with handling all of your insurance needs. But what sort of insurance should you keep in mind as a self-employed individual?

Use these tips to learn more about self employed insurance and how it can save your business.

Consider the Kind of Business You Run and Work You Do and Address Your Liabilities

First and foremost you need to assess the kind of company that you run when you’re interested in getting a self employed business insurance plan.

Businesses in specific industries might need insurance policies that don’t apply to others. Aside from specifics, you’ll need to shore up a general liability insurance plan and a professional liability insurance plan.

Having these policies will let you address your major liability issues under one umbrella.

Take Care of Your Health Insurance

Healthcare costs can easily go through the roof, to the point that people go into bankruptcy and loads of debt.

People pay anywhere between $150 and more than $3,000 for emergency room bills without health insurance. With an insurance policy, you’ll only pay a $50 to $150 co-pay.

Having a health insurance plan allows you to do what’s best for your medical needs, so you’re free to take care of your business. Choose a health insurance policy that will let you get your annual doctor visits, prescription costs, dental coverage, and other sorts of medical needs.

Get an Insurance Plan for Your Automobiles

It’s crucial that you also get an insurance plan for any cars that you drive during the course of business. Look into a liability, collision, and comprehensive plans for whatever vehicle you own.

Consider the year, make, and model of whatever vehicle that you drive for your company. The condition of the car, the number of miles it has on the odometer, and your driving record will all dictate the amount you’ll pay in car insurance premiums.

Always cover your vehicle with an insurance plan so that you’re protected if you get into a wreck.

Cover Your Assets and Business Equipment

Get an insurance policy for whatever business equipment and assets you have. For example, a graphic designer might want to get an insurance plan for their tablets and computers.

This equipment is susceptible to theft, breaking, fire, and other problems. If your business will change radically without access to this equipment, consider it an asset and cover it with a policy.

Handle the Insurance for Your Office

Your office is your home base, so take the time to cover it with a property insurance plan. Commercial property insurance protects your office building.

These plans will protect the business structure itself from weather damage, theft, vandalism, and other issues. You can also get office building insurance to protect your assets and to prevent liabilities in case a customer gets injured on your property.

Life insurance plan

Opt for a Life Insurance Plan

As a self-employed entrepreneur, it’s up to you to handle your future. This means opting for a life insurance plan that will cover your descendants and dependents in the event of your death.

Life insurance also covers you if you need long-term medical care for a medical disability. Many people also choose life insurance plans that pay dividends and essentially act as a savings and investment tool.

Account for Long-Term Disabilities

There are several insurance plans that will cover you for long-term disabilities. You don’t have the benefit of a pension or workers’ compensation claims if you happen to get hurt on the job.

Missing work for even months or a year can ruin your business and your financial life. When you have a long-term disability insurance plan you can still receive payment to take care of your life and your expenses.

Get Insurance for Your Communication Devices

Reach out to insurance companies that can protect any communication devices that you use. Upgrading to the latest iPhone for your business needs will unlock new potential.

However, all of this potential goes down the drain if your iPhone gets cracked or broken. Add device insurance as soon as you purchase it, and make sure it covers both theft and damage. Regularly back up your data so that you can get back up and running if you have to replace your broken device.

Data Breach Insurance

Today, several companies and individuals are falling victim to cybersecurity breaches. Whether someone hacks your cloud account, infects your system with malware, or takes your data hostage with a ransomware attack, it can have tremendous repercussions to your business and personal life.

You can invest in a data breach insurance policy that will protect you in the event of one of these attacks. The prevalence of these attacks is on the rise each year, so this is a form of insurance that every company should have.


Buy Self Employed Insurance for Your Business

With these points in mind, start shopping for the right self employed insurance plan for your endeavors.

Being your own boss is an obligation and not just a privilege. You’re responsible for getting all of the insurance coverage you need for your business. Starting with the forms of insurance above will provide an exceptional start.

Let these tips guide you when you’re trying to operate with the best business sense.


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