As a freelancer, you work on your own terms and have complete control over your finances. However, self-employment also means that you are the only one responsible for keeping your business afloat. Therefore, it is significant to look into insurance options for the overall security of your job.
What Insurance Do Freelancers Need?
Here are 4 types of commercial insurance for freelancers that you should look into:
General Liability Insurance
Commercial general liability insurance provides coverage for accidents in the workplace or any bodily injuries or damage caused by your work. It also pays for any damages to third-party property.
Professional Liability Insurance
Professional liability insurance covers legal expenses arising from lawsuits and malpractice allegations from clients. It protects freelancers from the risk of getting sued for property damage or injuries.
Cyber insurance for freelancers deals with data breaches, hacking, and other online threats. It will cover the cost of any repairs, data recovery, and identity theft protection in some cases.
Property insurance is necessary to recover from financial losses occurring from property damage. It covers natural disasters like floods and earthquakes, vandalism, burglaries, fire hazards, etc.
Why Do Freelancers Need Commercial Insurance?
For Business Growth
With the right commercial insurance, freelancers can focus on the growth of their business without having to worry about secondary aspects or prevailing market mechanisms. Also, it builds credibility as clients will always look for stable business units with fewer risks involved.
Preparing for the Worst
No matter how good you are at your job, there’s always a chance of making mistakes. Commercial insurance provides security against any accidents or damages to your customers. With the right insurance cover, you can concentrate on your work without having to worry about liability costs should they arise.
Now that you know why freelancers need insurance for the business, it is also imperative to choose the right policy for your business. For guidance on business insurance, contact the experts at Scautub Agency in Scotia, New York. Our dedicated team is ready to answer all your insurance questions.