Your Guide to Self Employed Business Insurance
Whatever the nature of your business as a self employed individual, you’ll need to be covered by the right kind of insurance. What type of insurance you need will vary from industry to industry, however as an overarching rule, it’s best to protect your business from risk where possible.
If you’re newly self-employed, or looking to start your own business, you may be feeling overwhelmed by the options of insurance available to you. You may have seen the term self- employed business insurance around, and may be wondering what this really means.
In this article, we will be discussing what exactly self employed business insurance is, who needs it, and why.
What is self employed business insurance?
Self-employed business insurance, also called small business insurance, is a type of cover that protects you against financial loss in the case of the unexpected.
Some examples of what you may be covered against with this type of insurance are:
- Public liability for the self employed
- Buildings and contents insurance
- Business interruption cover
- Employer’s liability (if you have staff or a team)
- Professional indemnity insurance
- Equipment and stock insurance
If you’re working with a specialist insurance broker like Higos, your self employed business insurance can be tailored to include cover specific for your business. For example, public liability for the self employed.
What are the benefits of personal business insurance?
Having a bespoke insurance cover that suits your business’ needs is invaluable. While self employed business insurance is not mandatory in the UK, there may be some aspects of it that are, depending on your business. For example, if you employ any staff in the future, you will need employer’s liability insurance to comply with the law.
However, there are many benefits to having more comprehensive cover, including:
- Financial protection for your assets
- Self-employed income protection
- Quicker recovery time in the case of emergency, such as fire or theft
- Liability coverage in the case of the unexpected
- Protecting your customers
- Protecting your employees
- Shows credibility of your business
Who should have self employed business insurance?
Anyone with a small business – whether you’re a sole trader, self-employed, or have a small team – should consider this type of commercial insurance.
If you’re a small business owner and looking to find the right kind of self employed business insurance that will protect you against the unexpected, we’re here to help. At Higos, we have a team of expert personal and commercial insurance brokers that will help you find the right cover for your needs. Just get in touch on 01458 270323 or Request a Call Back.