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Do you need self-employed insurance?

Technically, there is no insurance policy called a self-employed policy. However, self-employed people and business owners may need certain types of coverage to protect their business and future earnings.

The recent pandemic has changed the way many of us work, and in some cases, has even forced us to reinvent our careers. More people than ever are working remotely and an increasing number of people are becoming self-employed workers or business owners. 

Here are some of the common insurance types purchased by self-employed people or business owners:
  • Professional liability insurance: If you provide professional services, a professional liability insurance policy, also sometimes referred to as errors and omissions coverage,  can protect your business against losses due to human error or oversights. If a mistake on your part causes financial harm to others, this essential coverage can help  Safeguard your business. 
  • Commercial general liability insurance:  Also known as CGL insurance,  a business liability insurance policy protects your business against claims due to or damage to the property of others. You would want this policy type if you have clients or business meetings at your home or business, for example.
  • Business owners policy: A business owners policy (BOP)  includes commercial general liability insurance, but also expands your coverage to include protection for business equipment, inventory, and supplies. Often, a business owner's policy also offers business interruption insurance or other options, called riders. 
  • Business auto insurance: If you use your vehicle for business or if your business owns a vehicle, be sure to discuss your coverage needs with your agent or broker.  Business use of a personal vehicle often requires additional coverage and if your business owns a vehicle, you need a separate policy specifically for your business. 

Depending on your vocation or the type of business you have, you may also need additional policy types. For example, if you transport products, you may need inland marine insurance, and many business owners or self-employed people may also need worker's compensation coverage.

Our Business Advisors can guide you through your coverage options. Your insurance needs may differ from others, including those in the same industry. The good news is that the right coverage is often more affordable than you might think and can protect your business now and long into the future. 

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