You have made the move to self-employment and are faced with the excitement and responsibility of being your own boss. Taking a long-term approach to your business and its finances is critical at this time. Money is tight, and insurance premiums seem very expensive. You may be tempted to remain uninsured. But think twice before attempting this kind of "savings." Accidents happen, and people sue. These types of costs become astronomical and can conceivably end your company's short life. To protect yourself from lawsuits, frivolous or otherwise, you should consider self employed liability insurance.
Self-employed individuals are found in a wide range of settings. If you work in your client's home or business, you run the risk of damaging their property or even, unfortunately, causing accidental injury or death. What if you work from your home? Perhaps customers come to you. But if a visitor trips on that loose brick in your walkway, then you are facing a host of medical and legal bills not covered by your homeowner's insurance. In light of these potential hazards, self employed liability insurance becomes an investment for your business's future. Especially if you are a sole proprietor, whose personal finances will also be in jeopardy.
Begin your research with the computer and the phone. Insurance company websites offer quotes based on information you provide. In addition, you should meet with more than one agent to determine what type of self employed liability insurance best fits your needs. Each agent will review your situation and make recommendations regarding your particular business and what their company has to offer. Don't be shy when asking questions. Take the time to fully consider your options. The policy should cover medical and legal expenses, as well as property damage. Be sure that you have 24-hour coverage. Finally, compare quotes and policies to choose the right insurance for your business.
You have worked hard to reach the point of starting your own business. Properly protecting your fledgling company is well worth the time and effort. A few days of research can lead to years of success. In an age of ever-increasing lawsuits, purchasing self employed liability insurance provides a feeling of security that allows you to pursue your business goals without the worry of legal action by another party. You are embarking on a great adventure. Be prepared and enjoy!