Working from home, freelancing or being self-employed
often carries certain risks, for instance, what if you were unable to
work due to illness or an accident? Or what if at some stage something
went wrong and you were being held responsible? What could possibly
go wrong? Quite a number of things, for example, if you run an ironing
or laundry business you might accidently damage your clients' clothes;
or if you are a consultant visiting a client, you may accidentally spill
your coffee over his/her very expensive office equipment. I'd imagine
your clients wouldn't be very impressed and would want some form of
compensation for the damages caused. Mishaps happen all the time, they
are unavoidable. To safeguarding yourself against any unforeseen problems,
why not take out some business insurance? Here is a brief guide to the
policies on offer:
Public Liability Insurance
Public liability insurance covers you for damages
caused by you to third parties. It protects you against claims raised
by a member of the public for causing them personal accidental injury
or damage to their property whilst you are carrying out your job. This
could be while you are out walking their dog, at home ironing their
clothes or at their premises closing a deal. This insurance policy is
useful if you are in a profession which involves dealing with the public,
i.e dog walker, laundry service, cleaner, IT consultant, hairstylist,
photographer, beauty therapist, holistic consultant etc., Remember,
Public Liability insurance only covers you for third party claims, it
does not cover you for anything personal. Compare
public liability insurance
Professional Indemnity Insurance
If you are offering clients a service or any kind
of advice and they consequently suffer a loss from this due to your
negligence, then they can sue you for damages. Professional Indemnity
insurance will cover you for legal claims made against you by your client
for mistakes or negligence incurred whilst carrying out work for them.
Your premium can cover the cost of correcting your mistake, the costs
of damages caused by your error, or pay the fees that a client is not
willing to settle. Some professionals are required by law to have this
type of insurance but others choose to take out a policy to safeguard
them against any accidental blips.
Personal Accident business insurance offers
you cover for personal injury and will pay out a weekly benefit to your
business if you are unable to work due to an accident, or may pay a
lump sum for serious injuries that result in you becoming disabled.
The policy also covers medical expenses as a direct result of an accident.
Compare
professional indemnity insurance
E-risks Business Insurance
If
your business is Internet based then E-risks business insurance is the
right choice for you. The policy will cover you and your business for
any losses incurred whilst using the Internet. The cover safeguards
you against hackers, online identification fraud and any damages caused
by viruses. Some policies will also protect you against loss of revenue,
copyright infringement and Libel cases. This is a modern business insurance
that is ideal for website owners and anyone who runs their business
online. Compare
business insurance
Unemployment Insurance
If you are self-employed and your business goes
into liquidation, what can you do to tide you over until you get back
on your feet? The solution may be to insure yourself against this possible
misfortune by taking our some unemployment insurance. Cover can include
payments made to you for up to 24 months. You must be a UK resident
aged between 18-60 and been in self employment for at least 6 months.
If this is something you'd like to consider you can do an online search
to find a reputable insurance company for more details.
Please
note: The article above is meant only
as a brief guide to the various types of business insurance available.
The information is correct at time of publication. If you wish to take
out a policy then please ensure that you study the policy guide and
the terms and conditions of your chosen insurance provider before taking
out any insurance with them. We will not be held responsible for any
changes or variations to the named policies above imposed by any insurance
brokers. Always
check with the insurance company for up-to-date details and latest terms
and conditions of their policies before taking out any insurance cover
with them. We hope this helps.
