What the Self-Employed Need to Know About Business Insurance

Basics of Self-Employed Business Insurance in La Habra CAWhen you are self-employed, you’ll need to think about what new insurance is necessary for your business.

Over the past thirty years, the number of self-employed Americans has risen steadily. Factors include a difficult job market and the allure of the freedom of self-employment. If you’re one of the millions of self-employed Americans, you may need to consider the potential risks that you face with this type of work.

Fortunately, we’ve compiled information that you need to know about being self-employed and maintaining reliable (and protective) insurance!

Work From Home
If you run a business from the comfort of your own home, you shouldn’t assume that your personal household insurance will cover you in the event of damage or loss. Many homeowners insurance policies will cover business equipment in your home but always talk to your insurer to double check.

Additional Coverages
Here are a range of insurance needs you might have to consider for your business:

Motor insurance – If your business uses vehicles, you must make sure that your policy includes cover for your business use. This includes any private policies where an employee is driving their own vehicle in connection with your business.

Professional indemnity insurance – If you’re a professional who gives out advice or services to your clients, then you should make sure that you have this coverage. It is designed to cover the expenses of a lawsuit, should a client sue you for being negligent or making a mistake that causes your client to suffer financial loss.

Buildings and content insurance – If your premises and the contents are affected by fire, flood, theft, or another peril, this insurance will financially assist you in rebuilding, recovering, and replacing the structure and contents.

Product liability insurance – Should your products that you’ve made and sold, injure or kill someone, or damage someone else’s property, then you may have to pay compensation. You may be held liable for the damages or injury caused by defects in the products’ design or manufacture, even if you haven’t been negligent.

For those self-employed, start building your personalized coverage today. Contact Martplan Insurance Agency, in La Habra, California, for all of your insurance.