If you’re self-employed and have a small business operation, it’s likely that you need liability insurance coverage but don’t already have it. Unfortunately, the information available on liability plans for solo entrepreneurs and small business folks like you and me is pretty limited.
Have no fear…
In the following article, I’m going to walk you through the basic steps for setting up high-quality self employed liability coverage so you can be sure that you avoid a financial disaster in your own operation.
When most of us think of “insurance” we generally think of more personal coverage — health insurance, auto insurance, even home insurance. These are the most common types of premiums most of us carry and pay for every year or every month.
What is Liability Insurance?
Sadly, these basic categories of insurance leave out what many people are discovering is one of the most important types of coverage you can carry as an individual — liability insurance. Simply put, liability coverage protects you from any unexpected events, losses, or accidents not otherwise covered by your traditional insurance policies.
But to really understand “liability protection” you’ll need first to understand what a liability is in the first place. Basically, you are typically liable for anything that you could be sued for in a court of law. (Keep in mind, I’m talking specifically about United States of America court systems and US law.)
Although we’re discussing self employed liability insurance here, there is also personal liability coverage which can be obtained to protect you from losses occurring outside your business activities. Business liability plans apply to things you could be held liable for specifically within your work realm.
Why You’re at Risk if You’re Self Employed
Chances are pretty good that if you’re a self-employed individual, a freelancer, or a small business owner, then you’re probably working in a professional capacity where you’re advising, consulting, managing, or otherwise giving advice or recommendations to other people.
This is a really important point. If you’re doing any form of consulting, you are at risk for a lawsuit. Period. Most people never think about this because, generally speaking, most customers and clients are very nice and friendly and we could never imagine them taking us to court and pursuing legal action. But the more business you do and the more clients you take on, the more risk you take on.
How to Get Self-Employed Liability Coverage
If you’re reading this article and considering getting self-employed insurance protection with a liability protection plan, it’s really easy to get started. The first step is to get a quote. And you can do that online quickly and easily right now!