Self-employed insurance

Unfortunately, risk doesn’t reduce with the size of your business. Being self-employed doesn’t mean you’re less likely to deal with potentially expensive or time-consuming problems. But it does mean you’re more likely to need help if something goes wrong.

That help is quickest, cheapest and easiest when it’s in the form of insurance. So, if that’s the answer, the question is what insurance do self-employed people need?

There are three main things to consider: what you do, who you do it with and what you use to do it.

What you do is covered by professional indemnity insurance. Mistakes and misunderstandings cause time-consuming, reputation-ruining, expensive problems. Save your money, your time, your sanity and your good name by letting your policy do the fixing, advising and compensating.

Who you do it with is covered by public liability insurance. A loose step or a spilt tea can cause expensive problems for you to put right. Your policy pays to fix damage to people or property caused by you – wherever you are. If you have people working for you – paid or unpaid, temporary or permanent – employers’ liability insurance is compulsory.

What you use to do it is covered by contents and tech equipment insurance. Your stuff is easily lost, stolen or broken, especially when you’re out and about. Being without essential gear causes problems with workload and client expectations, and replacing it takes time and money. Insuring it is cheaper, quicker and easier.

The biggest problem with being on your own is being on your own. A serious injury or illness that means you can’t work could spell financial disaster. Personal accident insurance means, even if you’re self-employed, you get help to keep your business going and your medical bills paid.