Self Employed Liability Insurance

Cover Yourself With Self Employed Liability Insurance

When you work for a company, you do most things in the name of your employer. You do as he asks, and when something goes wrong, particularly if there is a lawsuit filed against you or the company, the company is responsible for taking care of it. Liability insurance is what most often covers claims against the company for injury or damage due to flaws in the product or service provide or just on the company property.

If you have your own business, you do not have this protection. You must think of everything and take charge of your own future. You have worked hard to get your business up and running, but you need to protect it from any potential problem that might be too much for the company to take.

Let’s say you operate a consulting business out of your home. A client comes to your office for a consultation and slips on an icy step and sustains an injury. If he should choose to sue you, you are in a bad situation. You may end up paying for medical fees, lost wages and other compensation as well as expensive legal fees. Paying for this will likely prove very difficult if not impossible without the bankruptcy of your company and possibly the loss of your personal assets as well.

A self employed liability insurance policy will protect you from such devastation. You can look into different policies and choose one that will provide you the coverage you think you need. An insurance agent can help you make a well educated decision about which policy is best for you. The self employed liability insurance will have a limit up to which it will cover rewards and legal fees as named in the policy.

Another good option is to have a personal umbrella liability insurance policy. This is good for everyone, not just the self employed, but can be very handy for the self employed because it provides additional protection of the personal assets not related to the company.

What a personal umbrella liability insurance policy does is provide protection above the limits of other policies you hold. For example, if you have home owner’s insurance with a limit of $200,000 and a fire causes twice that much damage, you personal umbrella policy will cover the second half.

If you have a self employed liability insurance and personal umbrella policy in place, you can rest easy knowing that you are not at risk of losing your entire company due to one mistake or accident. And the personal policy is not very expensive, but can mean the difference between losing your company, even though you had insurance, and not having to pay anything out of hand!

 

 

 

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