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Are you self-employed? It’s time to think about cover

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If you’re self employed, you may be thinking about taking out cover to ensure that you’re financially protected should the worst happen. It’s great to have the freedom to work when and wherever you want, but in business, things don’t always go according to plan. So, whether you’ve been self employed for a number of years, or you’re just starting out, it can pay to have the right cover in place. At TradesmanSaver, we can provide self employed insurance with public liability cover that’s tailored to your specific business needs.

Do I need self employed insurance?

More people are self employed than ever before in the UK, yet many are leaving themselves vulnerable to risk by failing to invest in self employed insurance. Whilst 83% of self employed tradesmen possess public liability insurance, very few professionals have professional indemnity insurance in place. This means that they would have to pay any compensation due out of their own pocket if a client was to file a claim against them. If you do have self employed insurance in place, you don’t need to worry as you’ll be covered for any compensation you need to pay, as well as the legal fees required to defend you.

You can learn more about what this type insurance is in the following guide: What Is Self-Employed Public Liability Insurance?

What cover do I need?

The type of cover you’ll need will depend on a number of factors, such as the type of business you have, as well as what work you do and where you work from. You may require:

Public liability insurance: this type of cover protects you against claims made for accidental injury or property damage. So, if a customer, client or member of the public files a claim against you because they’ve sustained an injury as a result of your work, or you’ve damaged their personal property, you’ll be financially protected. Whilst most self employed people do all they can to get things right when delivering their services, accidents can and do occur. That’s why most people buy self employed public liability insurance.

Employers liability insurance: if you have people working for you, you’re legally obliged to take out this type of self employed cover. Whether you take on full or part time staff, contractors, freelancers, labourers or even volunteers, it’s something that you need to spend money on. After all, workplace injuries can occur at any time, when you least expect them, and you’ll want to make sure that you’re covered should an employee make a compensation claim against you.

Professional indemnity insurance: If you provide a service or advice to clients, they could file a claim against you if they believe you’ve delivered bad advice or made a mistake that’s cost them money. If you lack professional indemnity insurance, you could end up paying out a lot of money in the form of compensation, as well as legal fees.

If you’re busy running your self employed business, buying insurance may be the last thing on your mind. However, it really is an essential investment. If a customer, client or member of the public were to file a claim against you and they won, and you don’t have self employed insurance in place, you could find yourself in dire financial straits. In fact, you may be forced to stop trading altogether.

At TradesmanSaver, we’re here to provide the right cover to suit your needs and at the best possible price. Whether you want to buy self employed public liability insurance, employers liability insurance, professional indemnity insurance, or any other type of self employed insurance, we can assist.

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