As a freelancer, you are your own boss and responsible for your own income. This can be both liberating and scary at the same time. One of the best ways to protect yourself is to get freelance business insurance.
This will help cover you in case something goes wrong- like an injury that keeps you from working, or a client who doesn’t pay up. In this article, we will discuss how freelance business insurance can help protect you, and what to look for when purchasing a policy.
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General Liability Insurance
As a freelancer, you are often working without the backing of a large company. This means that you are responsible for your own insurance, including general liability insurance.
This type of insurance protects you from lawsuits over property damage or bodily injuries that happen at your business’ location or are caused by your work. With the right policy, you can also be protected from damage like slander or copyright infringement.
By having this insurance in place, you can protect yourself from financial ruin in the event that someone sues you. While it is not required by law, it is highly recommended for all freelancers.
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Business Interruption Insurance
Being a freelancer comes with a lot of ups and downs. You have the freedom to set your own hours and work from anywhere, but you also don’t have the stability of a regular paycheck.
That’s why business interruption insurance can be such a lifesaver for freelancers who experience unexpected hardships. This type of insurance can help to cover lost income and expenses incurred as a result of an unforeseen event, such as a natural disaster or a personal illness.
While it’s not possible to predict the future, having business interruption insurance can give you peace of mind knowing that you’re prepared for whatever comes your way.
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Professional Liability Insurance
If you’re a freelancer, chances are you’ve thought about getting professional liability insurance. Also called errors and omissions insurance, this type of coverage can help you pay for legal bills if you’re sued for something related to your professional services.
Whether it’s an error in your work or a misunderstanding with a client, professional liability insurance can give you some peace of mind knowing that you’re protected financially if something goes wrong.
It’s important to remember, though, that this type of insurance won’t cover everything. So, be sure to read the policy carefully and talk to your agent about what is and isn’t covered before buying a policy.
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Personal Insurance
In addition to business insurance, you also need to make sure you have personal insurance in place. This includes things like health insurance, life insurance, and disability insurance.
While these types of coverage are not specifically for businesses, they are important for all freelancers to have. That’s because as a freelancer, you’re responsible for your own health care and income.
So, if something happens and you can’t work, it’s important to have personal insurance in place to help protect you and your family financially. Unexpected events happen though and sometimes you may not be able to afford changes to your healthcare policy.
To learn more about alternatives to COBRA in the event that you need to make a change, visit Gigly today.
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Cyber Security Insurance
With more and more businesses going online, the risk of cyber attacks is on the rise. And as a freelancer, you’re especially vulnerable to these types of attacks since you likely don’t have the same cyber security measures in place as a larger company.
That’s why it’s important to consider getting cyber security insurance. This type of coverage can help to protect you financially if your business is hit by a cyber attack. It can also help to cover the cost of any damage that is done to your reputation as a result of the attack.
In some cases, services may even be offered to help you determine when and where the security breach occurred, so you can keep your clients’ sensitive personal and business information secure moving forward.
Conclusion
When it comes to protecting yourself as a freelancer, there’s no such thing as being too prepared. By having the right business and personal insurance in place, you can rest assured knowing that you’re protected financially if something goes wrong.