Do you need freelance business insurance? What about lost wages caused by something out of our control? A snafu with a client? An accusation of slander? You’ve been working for months on a project and out of nowhere, your equipment – and all of that work – is lost after a technological meltdown. Or perhaps you work from a home office and the unfortunate happens – a house fire – and all of your equipment needs to be replaced before you can even think about earning an income. Thinking about the unpleasant situations in life is not something any of us want to dwell on, but there is no telling what could happen at any given time. Freelance business insurance is designed to cover you when the unexpected happens and protects you against owing damages to a client.
Here are some of the key freelance business insurance policies to consider and see if they are right for you:
- Professional Indemnity – Also known as professional liability insurance, this policy protects you financially in the event you are taken to court. If you do creative work, such as wedding photography or graphic design, this type of insurance policy protects you in a variety of situations such as your camera’s memory card stops working during a wedding or a company’s website crashes on a major sale day. While these instances are certainly not your fault, the insurance policy will cover the costs for the client instead of coming out of your own pocket.
- Public liability – This insurance policy protects you and your business if any members of the public – or your clients – suffer property damage or personal injury. For example, if you are a personal trainer or provide customized workout routines, this type of policy protects you in case a customer suffers personal injury and they want to sue.
- Employers liability – Though more rare, this policy protects employers from financial liability in the event of injury, death or disease caused by workplace practices and conditions. If you plan to hire an independent contractor to do a job, this protects you in the event they are injured or sickened for whatever reason.
An insurance policy is there to protect you when the unexpected happens – if you want to cover your assets and financial earnings, consider looking into freelance business insurance.