4 Types Of Business Insurance You Need As A Freelancer

Insurance Blog

With more people taking a step into the freelance world in the current economy, it is important to understand how to protect yourself with the right business insurance. There are lots of ways to be a freelancer.

Basically, as long as you are working for yourself and setting your own hours, you can be a freelance worker, also known as an independent contractor. You could run an Etsy account, take photographs, run a drop shipping website, offer consulting services, do accounting work, or do hundreds of other tasks as a freelancer.

As an independent contractor, it is important to make sure you are protecting your business with the right type of insurance.

#1: General Liability Insurance

Every business owner should have general liability insurance. This is the base level of insurance that you need as a freelancer. General liability insurance will protect you against both property and bodily damage that is caused by your work.

This type of insurance can also cover situations such as copyright infringement, slander, and libel. 

#2: Property Insurance

If your business involves any type of property, you are going to need to get property insurance. This type of insurance is not required for all freelancers, just freelancers who own property or expensive equipment.

For example, if you work as a freelance plumber, you are going to have a lot of expensive equipment that you use for your business. Property insurance will help you repair or replace your equipment if it is damaged or stolen.

#3: Professional Liability Insurance

Next, you may need professional liability insurance. This type of insurance also often goes by another name, errors and omissions insurance.

This type of insurance is necessary if your business could cause financial loss. For example, if you run an accounting business, this type of insurance is important.

#4: Commercial Auto Insurance

Finally, if you use a vehicle for business purposes, you are going to need commercial auto insurance. You may need to carry both personal auto insurance and commercial auto insurance on your vehicle.

When it comes to running a business as a freelance independent contractor, you are going to need to talk to an insurance agent and make sure you are protecting your business. You are the only one running your business, so you need to make sure you are taking the right steps to protect yourself. Contact an insurance agency like Welsh Insurance Agency Inc. to learn more.


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