Commercial Business Insurance for Freelancers, Bloggers, Contractors, and Gig Workers
Too many business owners today are coping with an unexpected crisis that has stagnated their businesses for over a year. The invisible Coronavirus disease has taken millions of lives, and the pandemic is affecting everyone globally. Freelancers, bloggers, and gig workers, do you have general liabiity insurance protection for your small business? Working as an independent business owner, you need to be prepared in the event of a disaster. When accidents, injuries, negligence, theft or other losses occur in a professional situation, you can often be held liable for these losses. If you are uncertain what liable mean, let me further explain. You (the business owner) have a legal responsibility to settle financial debts or obligations to those affected by a loss typically in the form of a lawsuit.
Unfortunately, your legal responsibiity can total amounts greater than your business can afford to pay. The good news is having a business liability insurance policy can help to pay for these types of liabilities. Acquiring business insurance from a qualified agent can help you with specific policies and levels of coverage depending upon the size and type of business that you operate. An insurance agent can also help you determine the type of coverage you need, where your liabilities lie and recommend appropriate policies.
Having commercial business insurance is relatively inexpensive compared to the potential impact of a lawsuit. When you consider the cost of a single claim, the outcome can decimate your company. So, it’s really wise to have small business insurance to protect your personal and business assests. Now, I want discuss the three most common forms of small business insurance that you should know more about. General Liability Insurance is the most common type of business insurance. This type of insurance policy covers the most basic needs that are shared among all types of companies. For instance, bodily injury on your business’s property and physical damage caused by employees are covered by this policy.
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However, if you haven’t determined what type of business insurance your company needs, then you should consult an insurance agent. But, keep in mind general liability insurance does not cover employee injury. So, it’s advisabe to think about workers compensation insurance. Workers Compensation Insurance can help protect the interests of your employees if they’re injured on the job. This type of insurance can also protect your business from a lawsuit if your employee needs additional compensation for their injuries. Nearly all states in the United States have laws requiring workers compensation insurance.
The next type of business insurance you should consider is Professional Liability Insurance. This type of insurance coverage is also known as errors and omissions insurance. Professional liability insurance is a policy that is meant to protect professionals in the workplace. If for some reason, a client is financially damaged and blames your company, because your guidance is deemed inaccurate, negligent or fails to deliver agreed upon results, can leave you open to liabilities. Professional Liability Insurance is essential protection for providers of professional or expert advice. If your small business employs real estate agents, insurance agents, financial advisors and other coaches and consultants, you can benefit from having this type of insurance policy.
You can always talk to an insurance agent about acquiring a more specialized policy that matches the unique needs of various types of small businesses such as commercial auto and property insurance. These types of specialized insurance policies are similar to personal auto and homeowners insurance, but for professional vehicles and workplaces. The policy can protect owners against damages arising from car accidents, fire, certain natural disasters and so forth. Acquiring business interruption insurance can compensate your business a percentage of lost revenue in the event of a catastrophe and your business is shut down.
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Product liability insurance covers physical or other harm to a customer that is caused by a product that you manufacture or sell a home based business insurance covers gaps in your homeowners insurance policy. For example, if you run a business out of your home, data breach insurance covers some of the damages in the event that your customers digital data is breached or stolen. To simplify administration and save money, you can consolidate your coverages with a business owners policy, also known as a buff. A business owners policy is a group of insurance policies tailor made for small businesses.
The best types of small business insurance companies that I suggest you should become familiar with are State Farm, Hicox, Nationwide, The Hartford, Travelers, Liberty Mutal, and Progressive Commercial. These insurance companies offers multiple types of coverage through a nationwide network of reputable agents. They also have been in business for a number of years, serving and meeting the needs of small business owners.