Why You Need Self Employed Business Insurance

Ever-increasing numbers of people are making the move into self-employment, and we don’t blame them.

To be self-employed is to take back control. You work for yourself instead of the man, earning money on your own terms. You enjoy newfound freedom, autonomy, and pride in running your own operation.

It’s no surprise that around 16 million Americans choose to work for themselves.

But self-employment isn’t all smooth sailing! There’s risk involved too. After all, to fend for yourself is to be in the firing line when accidents and issues arise.

That’s why you need self employed business insurance. It’s an essential way to protect yourself from unexpected legal and financial challenges.

New to self-employment and looking for further incentives to get insured? Read on to discover why small business insurance is so important.

To Protect Against Accidents

One moment you’re riding high on cloud nine. Business is booming, clients are happy, and the future looks bright. Then disaster strikes.

A customer falls over and injures themselves in your store. An employee gets injured at work. You make a mistake that harms a client’s physical or financial wellbeing. You accidentally damage a client’s property.

There’s no end to the number of potential accidents that can occur. But, whatever happens, you’re liable for damages. You can face costly legal battles that could cripple your fledgling business.

That’s one reason why you need self-employed business insurance

To Offset Losses from Sickness and Absence

The associated risks of self-employment don’t all come from external sources.

Imagine having an accident or falling sick. There’s no sick-leave or income-protection from employers to fall back on. As the captain of your ship, any enforced absence has a direct impact on your ability to generate revenue.

That’s a significant problem for serious ailments that can make work impossible for extended lengths of time. As a result, you can face huge financial losses and stressful periods of income uncertainty.

Business insurance can help offset the monetary trouble of these unfortunate situations. Protected against such an eventuality, you can focus on getting better, safe knowing that you’ll have money coming in.

To Cover the Costs of Broken Equipment

Most self-employed people rely upon vital pieces of equipment to earn their living.

Examples might include expensive computers, printers, cameras, tablets, mobile phones, and so on. Such equipment plays a central role in the ability to conduct business.

Think about the particular gear that you use every day as part of your operation. Now imagine it breaking, being stolen, or getting lost. You can lose thousands of dollars worth of equipment and your ability to generate income!

Insurance helps you avoid such a calamitous situation. It can cover the cost of replacing your gear and gets your business back up and running in record time.

To Protect Against Angry Clients

Business can feel uncertain sometimes, but one thing’s almost guaranteed:

Eventually, you’ll have a difficult client/customer that, fairly or unfairly, expresses dissatisfaction with your product/service. In worst-case scenarios, they’ll even threaten you with legal action/claims of negligence.

For example, a consultant’s advice might lead to negative outcomes for the client. Feeling aggrieved, they seek compensation as remuneration.

These situations can feel overwhelming for self-employed people. Everything from their hard-earned reputation to finances gets put on the line. Having indemnity insurance eases the strain by covering any costs involved.

To Ensure Business Longevity

You’ve worked hard from day one to turn your self-employed business into a success.

Imagine it being placed in jeopardy because of one mistake, accident, or unhappy customer.

The financial implications of a lawsuit can do exactly that. You might have to pay exorbitant sums of money that’d bankrupt your operation. All the time, effort, and money that you’ve invested in the business would go down the pan.

Covering yourself with self-employed small business insurance prevents that eventuality.

As we’ve seen, you’re protected against issues that could otherwise threaten your enterprise. With less chance of suffering an untimely demise, you help guarantee its ongoing growth and prosperity.

To Enjoy Peace of Mind

Operating without business insurance is a recipe for stress and concern.

After all, something cataclysmic could happen at any moment- and you’re unprotected!

Aside from the emotional strain involved, there can be business implications too. The prevailing worry about experiencing potential problems, for example, might make it harder to take risks. You’re more likely to play safe and miss out on potential rewards in the process.

Having insurance delivers peace of mind. The financial protection liberates you from the concern that one wrong move might spell disaster.

To Restore Focus to Business

Accidents and issues that arise can be an almighty distraction from work.

They demand attention and you have no choice but to address them. Throw in the worry and concern involved and it can be impossible to focus on business as usual.

Having the appropriate insurance can help relieve the strain. There’s no worrying about where the money will come from or scrambling to get the resources together. Suddenly, it’s only a matter of making a claim.

You resolve the matter with less hassle and get back to your primary responsibilities far sooner.

Exactly Why You Need Self Employed Business Insurance

Self-employment holds an irresistible allure to millions of people around the country.

But it isn’t always a bed of roses! The nature of taking on your own business means it’s your neck on the line when issues occur. There’s no employer to take the fall, no company to take to court, and less financial security with which to weather the storm.

That’s where having small business insurance becomes so valuable. Have you been wondering why you need self employed business insurance? We hope this article has proved useful in explaining why it’s so important.

Interested in accessing business insurance? Contact us today to see how we can be of service.