Every business, no matter how large or small, needs insurance coverage. Yes, even those who are self-employed and spent their time working for themselves, without anything more than a home office, must have some sort of business insurance in place, just in case. It can be daunting to look for a policy when your only employee is yourself.
What type of coverage do you need? Is there a specific policy designed for your line of work? What is CoverSmart? Keep reading and we’ll answer all of those questions here.
Insurance Designed for You
When you head to an insurance company’s website to purchase a policy, you more than likely come across a number of options that seem designed for larger companies. This can be a bit intimidating because you wonder if you should even contact an insurance agent with the company to see if they’ll be able to work with you.
This is where CoverSmart comes into play. It takes away that intimidating feeling and makes buying insurance for your self-run, small business easy. There are plenty of options that can be tailored to your specific needs, including the three types of insurance described below.
Types of Insurance for Self-Employed People
When it comes to insurance for the self-employed, there are three main options to consider, on top of numerous other types of policies. These common options are:
- Liability Insurance – If you work with the public in any way, shape, or form, then you need liability insurance. A general handyman installing cabinetry might end up damaging a client’s home, or an accident might happen during a yoga class or fitness session run by a self-employed yogi or trainer. Liability insurance is designed to mitigate these risks, even if you don’t need the same coverage as a larger business.
- Property Insurance – Not every contractor needs property insurance, but keep in mind that if you have a home office, your homeowner’s policy may not cover everything within it. Also, if you use certain pieces of equipment that you store in your home, you should make sure that you have coverage on them as well. You might simply need a separate rider on your existing policy, or something new altogether. This is up to you and your insurance agent to decide.
- Loss of Business Insurance – Are you covered in case something happens and you can no longer find clients? For example, the pandemic drastically cut the income levels of many freelancers, especially personal fitness trainers. Should something like this happen again, loss of business insurance can help you stay afloat until you can get back to work again.
Questions About Business Insurance for the Self-Employed?
Do you have any questions about self-employed business insurance? Do you want to use CoverSmart to choose your policies but aren’t sure where to begin? Call our team at Charlotte Insurance today, and we’ll be happy to help ensure your business is fully protected and all your insurance policy needs are met.