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What Kind of Insurance Do the Self-Employed Need?

Being self-employed is like being a CEO, CFO, CTO, head of HR, and head of marketing all in one. Plus, you still have to find time to fulfill your company’s offerings to clients. You’re in charge of running your business, so it’s important to protect it with the right self-employed insurance.

Below, we’ll walk you through the different types of insurance for self-employed workers, and explain why they are so essential.

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Business Insurance

You can’t launch a business overnight. It takes years of work and a lot of 14-hour work days. But, there are some events that, in just a few days, could see you lose all that you’ve built. Unfortunately, a lawsuit, personal injury, or damage to your business property can quickly cripple your business and lead to big losses. There are several types of business insurance options that can help protect you, your business, and your livelihood, and each of them are critical for self-employed individuals.

General + Professional Liability

Getting sued for property damage or bodily injury is more likely than you may assume. It could happen if a client visiting your office slips and hurts themselves, or if your client believes you made an error (regardless of whether or not you did) and files a claim of negligence or another mistake in your professional services.

Some businesses require that you have general and/or professional liability insurance before they will work with you, and there are also states that require professional liability insurance for certain professions. Liability insurance satisfies the need for a “certificate of insurance,” which is necessary in some professions in order to work. Liability insurance ensures that if your business is involved in a lawsuit for bodily injury, property damage, or professional errors, you can keep your doors open.

Business Owner’s Policy (BOP)

As a combination of property insurance and liability insurance, business owner’s policies (BOP) are relatively comprehensive. A BOP covers legal fees if a third-party has filed a claim against you, and it can also cover the medical bills of individuals injured because of your business. This is especially important if clients or customers frequent your office (even if it’s your home office) or if you are in a high-risk occupation.

A business owner’s policy can also cover repair bills for property damage with the right coverages. It can be used if your office building is damaged by fire or theft, or if you experience a loss of income because of property damage. It’s a wide-ranging  coverage option for small businesses.

Workers’ Comp

If your employees become injured or ill because of an occupational hazard or accident on the job, workers’ comp helps cover their medical care. It can also be used for their disability benefits, their lost wages, or legal fees you or your business may incur. It is required for businesses in some states, and it is important even if you only work with independent contractors.

Self-employed individuals who have employees or work with independent contractors should have a workers’ compensation policy.  Even independent contractors, in some cases, can be considered “employees” under some state laws. It all depends on the nature of the work / individual job. As a self-employed business owner, you may still be liable for the work of contracted labor and employees, in some cases.

Personal Insurance and Benefits

There are several types of personal insurance plans, such as disability, accident, and life insurance, that can help protect your income when life doesn’t go as planned. They can step in if you experience an accident, illness, or even premature death. As a self-employed individual, you are tied closely to the success of your business. If you’re out of commission because of a serious injury, it helps to know that you’ll still be able to pay the bills.

Personal benefits are designed to help you sleep a little better at night. Discounted medical services reduce the cost of medical care so you don’t have to stress as much about affording proper care. Plus, savings on professional legal, travel, and other services help free up your time so personal problems don’t get in the way of your work.

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Disability Insurance

You can’t always control your health. Accidents and illnesses are a part of life, so the best you can do is make a plan if you experience a life-altering health issue. Disability insurance provides you with a portion of your paycheck if a serious injury or illness makes it challenging to work.

Your coverage will kick in to help you pay for rent or a home loan, house bills, groceries, and more. Disability insurance benefits are paid directly to you to use as you see fit. Two of the most common reasons that people would need their disability insurance benefits are an inability to work because of cancer and mental health issues, but disability insurance benefits can be payable if you are unable to work because you experience a heart attack, stroke, organ failure, or another type of critical illness or injury.

Disability insurance is especially important for self-employed individuals because they rely on their ability to work to receive an  income. If suddenly you were unable to make a living, what’s your plan? Disability insurance should be included.

Life + Accident Insurance

Life and accident insurance take care of your family if the unexpected happens. Accident insurance helps cover out-of-pocket medical expenses in the event of a covered accident that leads to injury or death, and life insurance provides payments to your beneficiaries if you were to experience a covered premature death.

Accident and life insurance is a must for self-employed individuals because it helps ensure you and your family will be ok if anything happens to you. You and your family depend on your income, and you need to protect it.

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Discount Plans (Health and Lifestyle)

Discount plans provide members access to savings and a network of providers. There are discount plans available for your well-being, which include Telehealth, dental, vision, and pharmacy services, and for services such as identity protection, global travel assistance, and legal services.

Self-employed individuals who do not have health insurance can benefit greatly from a well-being discount plan because they will be able to receive discounted health services. Safeguard discount plans (also known as lifestyle assistance plans) provide help with personal issues so that they don’t impede your ability to work.


No doubt, you have financial goals. Banking and retirement services can help you reach them. Your checking, IRA, and HSA accounts allow you to easily manage finances and set money aside so you can be ready for whatever the future brings.


Checking accounts help you track your income and expenses so you can have more control over your financial gains. An account also makes doing your taxes at the end of the year a little less stressful.


Many traditional jobs provide an option to pay into a health savings account or individual retirement account, but if you work for yourself, you need to set up those accounts yourself. An HSA can come in handy when you need to visit the doctor, and your IRA helps you prepare for a stress-free retirement.

It is possible for self-employed individuals to retain their freedom while enjoying the benefits and stability of a full-time job. Shop your business insurance, personal insurance, and benefit solutions here.