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If you are self-employed, you should really consider purchasing business insurance. Not having the right environment can lead to significant financial problems. Why? If you're not hired and protected by company coverage, you're immediately exposed to certain risks — like a lawsuit.
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Below we explain the different risks faced by the self-employed and how to protect yourself with different types of insurance. See examples of how they work and look at the blue boxes for quick identification. Visit our average cost section to find out how much people typically pay for auto insurance, and if you're ready to take on the no-commitment yourself, click here to fill out the short form and call us if you have any questions.
Business Insurance Comparison
Although every situation is different, there are several types of business insurance that are consistently popular with the self-employed in the UK. Below we explain what each usually covers and provide some real-life examples to help you decide which cover you need based on your specific circumstances. Feel free to call if you have any questions or fill out the quote form.
If you come into contact with people at work, public liability insurance protects against accidental injuries or third-party damage claims.
Public liability insurance is important if you are self-employed and have personal contact with members of the public such as clients, customers, landlords or other people. Why? You may face an accidental injury or personal injury lawsuit if a third party sustains an accidental injury or property damage and sues you.
Even if you've done nothing wrong, public liability insurance can be beneficial because it gives you access to a legal team to support your defense. It covers legal costs to protect you and your business and indemnification claims if you are found liable. How much public liability insurance do you need if you're self-employed? This is a personal decision, but for reference, public liability insurance is typically sold in the UK for £1m, £2m, £5m and £10m. Get a quote.
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If you design, manufacture, or sell products, product liability insurance protects your product against claims for injury or damage caused by third parties.
Product liability insurance covers claims that your business's goods or products cause bodily injury or property damage. If you design, make, and/or sell products, or if you fix things, you may need this cover. In addition to product designers and manufacturers, retailers such as builders, plumbers, and electricians need product liability insurance, eBay, Etsy, Amazon, and more.
Professional indemnity (PI) insurance protects you if you are self-employed and sell your expertise, which may be in the form of consultancy or professional services. PI insurance covers a client's claim for financial loss due to negligent advice or service as part of your independent business (for example, you made a mistake in your business); This will cover your legal defense costs and any compensation you may have to pay.
Depending on your business, some clients may require contractual PI insurance. Self-employed occupations that require PI insurance may include:
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Note: Self-employed salons, beauty therapists and massage therapists should look into a very similar product called professional liability insurance, which covers injuries to your clients or customers caused by or caused by your work.
Freelancing doesn't necessarily mean you work alone. If your business expands and hires staff, you will need to buy Employer's Insurance (EL) - this is also required by law for casual or temporary workers. There are some exceptions, of course, if you don't need a cover.
EL insurance may seem expensive compared to other types of employment insurance, but it protects you against compensation claims in the event that current or former employees become ill or injured while working for you. It covers the legal costs of defending yourself against a claim and any compensation you may have to pay.
Contents insurance covers accidental damage, loss or theft of valuable equipment, furniture and furnishings, computers and other items that may be expensive to replace. Content coverage not only provides financial protection for the value of these goods, but also helps you get back to work in the event of a disaster such as fire, flood or theft. Whether you rent or own your home, contents cover can be an important part of self-employed insurance.
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Holders of premium stocks may pay an additional premium for stock insurance, which is usually offered as a supplemental, additional insurance. A stock cover provides financial protection if it is lost, stolen or damaged. As with everything, there are exceptions, for example, frozen food is often not covered (but sometimes you can pay extra if necessary), or the general deterioration of the stock is not.
If you drive to clients or to multiple businesses, you should declare business use on your car insurance.
Declaring business use on your personal car insurance means that self-employment involves driving between different jobs or visiting clients. If you use your car in such a way, but only involve social, domestic, recreational driving and/or commuting, your insurance may be considered invalid and you are driving without insurance. Most, but not all, installers allow you to expand your environment to include business use.
There are three classes of business usage. Class 1 consists of your usual place of business, for example visiting different workplaces or customers. Class 1 can cover your spouse while driving for work. Class 2 includes the driver as an employee or employee. Class 3 ("commercial travel") is less commonly used and is intended for the type of driving performed by travel agents.
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Note: "Business use" is not enough and you need "commercial" car insurance instead. For example, if you get paid to deliver goods, you need courier insurance, and if you get paid to transport people, you need some form of taxi insurance.
Business Legal Expenses Insurance (LEI) covers things like tax issues when you're self-employed, debt settlement and contract disputes, access to an expert legal team and, in some cases, a policy to cover your legal defense costs. limitation for cases such as:
If you process payment card information or store sensitive customer information such as names, addresses, or bank details, it's a good idea to consider cyber security. including losses related to breaches, viruses and other cybercrimes, direct costs to your business, and third party claims for damage caused by an attack on your systems.
If you have an accident at work that prevents you from working, personal accident insurance can help pay your bills at work. Coverage pays income as a weekly amount or lump sum to replace lost self-employment income. You can find out more about other types of personal insurance from your money advice service.
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Self-employed people may also want other forms of business insurance, such as business interruption if your workplace is physically damaged in a fire, flood, or hurricane (but business interruption insurance usually doesn't cover lost income due to situations like the coronavirus lockdown).
A self-employed person may face a lawsuit or other financial loss that may not be covered by proper insurance.
Even if the liability claims are unreasonable and you have done nothing wrong, if someone sues you, you will need to protect yourself, which could cost you thousands of pounds. If you're found liable, you'll be liable to pay tens or hundreds of thousands of pounds or more.
When You Need Public Liability Insurance: One of the most common types of self-employed liability insurance is public liability insurance, which covers accidental injury or third-party damage. Public liability insurance is usually required if you have personal exposure to customers or other members of the public. Read more about this in our article: Do you need public liability insurance if you're self-employed?
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If you need professional insurance: If you give advice or provide services (for example, as a self-employed garden designer or architect), professional indemnity insurance can protect you from claims by clients that you did not perform your work properly.
If you need employers' liability insurance: When you hire
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