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Maybe you’re just starting to work for yourself, or maybe you’ve been at this boss thing for a while. Either way, making sure you have the right business insurance as a self-employed worker might not be at the top of your priorities list — until you realize just how important it is to protect what you’re working so hard to build. (And that you’re really supposed to have it! Why haven’t you gotten insurance yet?) Don’t worry, here’s what you need and how to get business insurance for your small business from Woligo.
There are many different kinds of coverage for small business owners and independent contractors. General Liability is a good place to start. This gives you basic protection if you find yourself responsible for injuring or damaging the property of a third-party individual, like a client, customer, or just a person who comes in contact with you and your business. Your General Liability policy helps cover things like their medical bills, repair bills, and your legal fees if they sue for something they think you’re responsible for.
BOP Insurance is similar to General Liability, and then some! BOP has all the same third-party protection (helping to cover repair and medical bills, even some legal fees) if you injure another person or damage their property. BOP Insurance also adds on coverage for third-party businesses if they hold you responsible for damaging their property, or even their reputation, and the profits lost by the interruption of their ability to do their biz! It is a smart, straightforward business insurance option for independent contractors and self-employed individuals.
Now that you know about General Liability and BOP insurance, imagine Commercial Property Insurance being the next building block to your insurance coverage (like a physical building block). This policy may provide coverage for your business-owned property and other’s property — basically any physical assets located on the property or inside of buildings.
You’re a professional at what you do, but that doesn’t mean you’re a superhero. You may make mistakes, and that’s what professional liability insurance is for. Also known as errors and omissions insurance, professional liability insurance can help protect you if claims of negligence, malpractice, errors, or omissions are made against you or your business. Even when you’re not at fault, an upset client might point a finger at you. Professional liability insurance helps pay for court costs, attorney fees, settlements, or judgements you may incur.
If an employee were to become injured while working with heavy equipment, what’s your next move? When you have workers’ compensation insurance, your next steps are all laid out for you in the most efficient, cost-effective way. Covering medical bills, lost wages, and more, workers’ comp insurance for self-employed individuals is designed to help protect you, your employees, and your business as a whole. Even if you don’t have employees, the state in which you do business may require workers’ comp insurance for your self-owned business.
We all know we need personal auto insurance to get behind the wheel, but did you know your business might need commercial auto insurance when your employees or you are driving? We’re not talking about driving to and from work. Business auto insurance is for the times you or your employees have to drive across town for client meetings, or if your employees have access to a fleet of company vehicles. How are your employees and vehicles (rented or owned) protected while on the road? This is an important business insurance type even for independent contractors.
One of the challenging aspects of collecting, storing, receiving, and sending digital information is that you can’t always see who is trying to sneak in and cause problems. You can’t quite set up a security camera and sound the alarm when you see a burglar breaking in. And even with the best cyber security, data breaches and cyberattacks are a possibility. Cyber insurance may cover your business if you experience a technology-related threat and personal information is compromised.
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