Self-Employed Insurance

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?

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.

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:

Professional liability insurance typically doesn't cover:

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:

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

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:

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 Business Owner FAQs

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.

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.