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Self-Employed Insurance

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Self-Employed Insurance That’s Made Just for You

As a self-employed business owner, you pride yourself on running a business that allows you to have the independence and flexibility that others can only dream of. But that doesn't mean you haven't worked hard!

But what would happen if one day something happened and suddenly all of your hard work was on the line?

This is a real possibility. A client could easily claim that you were negligent on the job or you could even incur third-party property damage.

At Simply Business, we work with you to build customized business insurance options for self-employed people like you. There are no frills here, so you'll pay only for the coverage you need. We understand that you have a full schedule, so we've made the process quick and easy — it takes only 10 minutes.

Answer a few questions about your business and we'll show you quotes from top insurers in the country.

Ready to get started?

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Business Insurance FAQs

  • What is Business Insurance?

Coverage Types

Policies available:

  • Professional liability insurance
  • General liability insurance
  • Workers compensation insurance

Benefits:

  • It can protect your business from certain claims.
  • It can cover damages caused by your negligence.
  • Proof of insurance can help clients feel good about your work.
  • It may be legally required where you’re located.

Self-employed business owner answers phone

What Type of Insurance Do I Need as a Self-Employed Business Owner?

This coverage is meant to protect you from the biggest risks you face in your job, like property damage and injuries. Self-employed insurance refers to the collection of policies that protects your business with the comprehensive coverage it deserves.

Take a look at the policies we recommend for self-employed business owners:

Professional Liability Insurance

Professional Liability Insurance (PL), which sometimes can be referred to as Errors and Omissions insurance, covers you if a client claims you were negligent while performing work for them.

There are many ways this could protect you, depending on your business.

Consider these scenarios: Say you help a brand with their online advertising. A customer accuses the brand of being offensive with its language in the ad copy, so your client sues you for negligence (despite approving of the ad copy).

Or maybe you work as an accounting consultant. You thought your client was happy with your work from last year's tax season, but it turns out they’re being audited by the IRS, and your client claims it's due to a mistake you made.

In both of these cases, professional liability insurance could potentially help you cover legal costs resulting from the claims, up to your policy limit. Without coverage, you could end up paying to sort things out from your own account. Many self-employed businesses can't afford to take the risk of such a large financial burden!

Professional liability insurance typically covers:

  • Negligence or alleged negligence
  • Legal defense costs
  • Claims involving libel and/or slander
  • Copyright infringement
  • And more

Professional liability insurance typically doesn't cover:

  • Intentional negligence
  • Bodily injury
  • Property damage
  • False advertising
  • Patents and trade secrets
  • And more

General Liability Insurance

General liability insurance (GL) provides self-employed business owners with coverage against costs associated with third-party accidents, property damage, and bodily injury.

It can be essential for self-employed business owners to have this type of coverage because there are a variety of situations where your role could put you at risks that you may not have thought of !

Despite how well you do your job, anything could happen.

Let's check out a couple examples of when general liability insurance may come in handy.

Say you're an independent lawyer working from a rented office. A client stops by for a consultation and on the way out, they trip over the edge of your new rug and break their wrist in the fall.

Or maybe you have a tree removal business. One day, while carrying a limb to your truck that you’d cut off a tree, you scraped the customer’s car with the branch. The client is disgruntled to see a huge scratch on their car and sues you for the property damage.

Self-employed general liability insurance may be able to cover the costs associated with both of these examples, including associated legal fees (up to policy limits). Otherwise, the business owners would have to pay for this out of pocket.

Here's a list of what general liability insurance can cover:

  • Bodily injury to another person (e.g., a client)
  • Third-party property damage
  • Personal and advertising injury
  • Medical expenses
  • And more

Here's what general liability insurance doesn't usually cover:

  • Damage to your own property
  • Professional services
  • Workers compensation or injury to your employees
  • Damage to your work
  • Motor vehicles while in business use
  • Expected or intentional injury or damage
  • And more

Workers Compensation Insurance

Even though you're self-employed, it doesn't mean you always do things on your own. If you hire employees, whether they're full-time or part-time, your state may require you to have workers compensation insurance.

Having workers compensation insurance can help protect you from dealing with financial repercussions if one of your employees were to get injured or become ill on the job.

Workers compensation for self-employed business owners can cover:

  • Medical payments
  • Lost wages
  • Rehabilitation expenses
  • Death benefits

Self-employed business owner reviews email

Why Do I Need Business Insurance if I'm Self-Employed?

You work for yourself and in some ways, that means you have a lot of control over how you run your business, the types of jobs you accept, and the sorts of clients you interact with.

But in the end, no business owner is in charge of all the variables, and the unexpected can happen when you least expect it. What if something were to happen and it upended all of your hard work?

If a client were to claim that you were negligent or that you caused property damage or injury, without proper coverage, you could be personally liable for paying those claims.

Many small business owners may think they're immune from these types of occurrences, but they're actually quite common! Did you know that 43% of small business owners polled reported being involved in or threatened with a civil lawsuit?

It's a smart idea to protect your personal finances and business with a policy that's customized for you. Beyond the numbers, know that some landlords may require you to carry insurance before renting or leasing a workspace to you.

Not only does it put landlords at ease, but it's also a weight off the shoulders of any potential clients. If someone is considering hiring you, knowing that you're protected should anything happen, it can put them at ease (and maybe even help you win a job!).

Self-Employed Insurance FAQs

Self-Employed Business Owner FAQs

  • It depends on where you live, but most states require you to have workers compensation insurance if you have or plan to hire any employees.

    As we mentioned earlier, proof of a general liability or professional liability policy could be required in order to rent or lease a workspace, depending on your specialty and where you're located.

  • When it's time to file your business's tax return, you can usually deduct your insurance premiums as a business expense. If you have questions about your business's tax filing decisions, we recommend that you consult a tax professional.

  • Each business is different, so policy options are customized to your business based on answers provided. We typically base what you'll need off:

    • The size of your business
    • Your business’s location
    • Your annual revenue
    • And more

    Completing our online quote form will help us understand the specifics of your business, so we can recommend coverage options for you.

    If you still have questions, our licensed insurance agents are available via phone and are happy to assist you!

  • Running a business means that no minute goes unvalued, so we want you to make the most of your time. Before completing our quote form, we recommend having the following info on hand:

    • Annual revenue estimates
    • Payroll estimates, if you have them
    • Information on any previous claims
  • Yes, the coverage options provided will differ depending on where you're located. Our quote process will recommend options from the top insurers in your area. If you have additional questions, we have a team of licensed insurance agents who can explore your options.

  • A comprehensive self-employed insurance product that includes professional liability, general liability, and workers compensation (if you have employees), can cover:

    • Bodily injury
    • Accidents and damages
    • Employee injuries
    • Unintentional mistakes
    • And more

    The coverage options Simply Business provides are tailored to your specific needs. Maybe you need a certificate of insurance (COI), or maybe you need to obtain coverage for your equipment. Whether you need only professional liability insurance or you want as much coverage as possible, we can show you policies that may work for you.

  • The cost of your self-employed insurance will depend on the specific work you do and the risks associated with that work, which is different for each individual business.

    The final price of your policy premium is determined by:

    • Payroll estimates
    • Your business location
    • Services offered
    • And more

    To find out how much your self-employed business insurance may cost, click here to answer a few questions about your business.

  • That's understandable, and you wouldn't be our first customer who does! Luckily we have licensed insurance professionals who can help you build a coverage solution that's right for you.

Self-employed business owner uses laptop

Why Choose Simply Business?

Simply Business is an online insurance platform that helps self-employed business owners explore policy options from top insurers in the country. As one of the fastest- growing online insurance providers, we're proud to say that we help thousands of customers to protect their businesses.

So why choose Simply Business?

We don't waste time. We know your calendar is booked. The policy options we offer are fast, affordable, and don't take a lot of time to acquire.

We adapt to you. Whether you need to show a certificate of insurance (COI) or need increased coverage for a new client's project, we're here to adjust to your needs.

We see you. No business owner or business is the same. We'll provide the protection that your business needs, customized for you.

Being self-employed isn't easy, but we have thousands of customers that know it's worth the work. Let us do this part on your behalf. We got you.

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This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.

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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated reinsurance carrier by A.M. Best. Harborway Insurance is a trade name of Simply Business, Inc., which is a licensed insurance producer in all 50 states and the District of Columbia.

© Copyright 2020 Simply Business. All Rights Reserved. Simply Business, Inc. is a licensed insurance producer in all U.S. States and the District of Columbia. Simply Business has its registered office at Simply Business, 1 Beacon Street, 15th Floor, Boston, MA, 02108. In the state of California, we operate under the name Simply Business Insurance Agency, Inc., License #0M20593. In the state of New York we operate under the name Simply Business Insurance Agency. In the state of Texas we operate under the name, U.S. Simply Business, Inc. For more information, please refer to our Privacy Policy and Terms & Conditions.