What types of insurance do you need for your self-employed business?

Being your own boss definitely has perks when it comes to freedom and flexibility.  However, things might be tight financially until your business starts making a profit.  Even if you have to scrimp to get by, there are certain things that you should not skimp on.  For instance, it’s extremely important that you have the right business insurance protections in place.  Here are some of the essential policies you need to have for your self-employed business.

1) Disability Insurance

If you are injured or fall ill with a serious illness, this can really put a dent in your business.  Luckily, having the right disability insurance coverage can help keep your business afloat until you recover.  Generally, this type of insurance will replace about 60% of your income, so it’s also important that you have an emergency contingency fund in place as well.

2) Business Insurance

There are many different types of coverage that fall under the umbrella of “business insurance.”  It’s important that you seek out the policies that are most applicable to your self-employed business.  For instance, if you work out of your home, you’ll want to look into getting coverage for a home-based business.  Additionally, there are many different policy options that offer your business comprehensive coverage that includes property and liability coverage for your business.

3) Liability Insurance

Generally speaking, insurance is meant to protect your business against claims of negligence.  There are several different types of liability insurance depending on your business’s needs.  For instance, product liability insurance covers you against accusations of your products causing injury or damage.  Additionally, there are also general liability policies that cover your business for a wide range of liability issues.

These are some of the essential insurance policies that your self-employed business needs.  Have questions regarding your business’s insurance coverage?  Then don’t hesitate to contact us at Scautub Agency in Scotia, New York.  Our dedicated professionals are ready to assist you with all your coverage needs.