Self Employed Business Insurance

Being self-employed can be a very rewarding career choice. Those who are self-employed can make their own schedules and determine how much or how little they will work. Ultimately, they determine the amount of money they will earn each year. There is flexibility in this type of work and there are many people who are successful and enjoy it. For others, self-employment is a means of income while in between more traditional jobs. Perhaps these people were laid off or quit their jobs due to dissatisfaction and need supplemental income. One of the challenges of being one your own in business is finding self employed business insurance. The top three companies with information on self employed business insurance include Nationwide, State Farm, and Intuit. Consider these questions when looking for self-employed business insurance.

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Frequently Asked Questions ( 8 )   Add a Question

  1. Why does someone who is self-employed need business insurance?
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    Self-employed insurance protects people from various risks involved with their jobs. Some risks may be more evident than others, but with any business, the owner runs the risk of a liability suit. A business insurance policy would protect someone who is self-employed from the financial losses that may occur as a result of a liability lawsuit.

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  2. Would a self-employed business insurance policy protect against property loss or damage?
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    Yes, a business insurance policy can protect against property damage or loss. It can provide coverage for both business materials and equipment. This coverage includes any type of physical equipment used to perform the job and it also covers computer hardware and software.

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  3. Should a self-employed individual let their clients know that they carry business insurance?
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    In many cases, this is an advantage. Clients have peace of mind knowing that they are dealing with a professional and that everyone involved is protected. In fact, is some situations, clients will not agree to sign a contract with someone who does not at least carry general liability insurance.

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  4. Is self-employed business insurance expensive?
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    This depends entirely on the type of coverage needed. The self-employed can work with their insurance agents to build a policy that fits their specific situation. The cost of the policy generally tends to be lower if the person’s liability risks are lower. The cost may be higher if the liability risk for the business is high.

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  5. What does a typical policy cover?
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    The typical policy for someone who is self-employed is a general liability policy. These policies commonly cover costs related to a claim against the self-employed individual, reasonable expenses that occur during the duration of the case such as loss of income, judgements, settlements, and the premium set on court-mandated bonds.

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  6. Where does someone obtain a self-employed business insurance policy?
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    A general liability or other type of self-employed business insurance policy can be purchased through most insurance agencies. A professional insurance agent can provide information and help someone with this type of policy. A place that someone can start with looking for this type of policy is the insurance agent that provides other types of coverage, such as auto or homeowners insurance.

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  7. Who are the top providers of self-employed business insurance?
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    There are numerous providers of self-employed business insurance. The top providers of this type of policy include Progressive, Geico, and Nationwide. Each of these large companies carry customizable policies for those who are self-employed. Insurance agencies for Progressive, Geico, or Nationwide can be found in most large cities. Each of them also have websites that include a wealth of information on the different policies they offer.

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  8. Is self-employed business insurance tax deductible?
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    There are numerous tax deductions available for the self-employed business owner. The best way to determine if insurance is one of them is to meet with a knowledgeable tax advisor to determine what deductions will work best in that particular business situation. The IRS website is another valuable tool for answering tax-related questions. While it is possible for someone who is self-employed to find the information and file on their own, it is always a good idea to consult an expert on this subject.

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