Of all the rewards associated with owning and operating your own business, risks can be substantial. Proper business insurance coverage helps manage these risks and protects from unexpected expenses.
Liability policies such as general and professional liability coverages should be essential components of self-employed business ownership, in addition to workers compensation and directors and officers (D&O) coverages.
General Liability
General liability insurance provides financial protection in the event that someone alleges bodily injury or property damage caused by your operations, as well as legal fees to defend you in case of legal proceedings against your business. Many clients and lenders require this form of protection before working with or lending you money.
As an example, if you operate as a florist and one of your customers trips over one of the plants that you placed at their home, they could sue for negligence. Or if you run a tree removal service and accidentally scrape one of your client’s cars while transporting a tree branch onto your truck, they could sue for damages as well.
Alternatively, should someone accuse you of reputational harm (libel or slander) or copyright infringement, professional liability insurance – commonly referred to as errors and omissions coverage – can help cover the costs associated with defending yourself. It is often required of service-based self-employed businesses such as accountants, notaries, consultants, photographers, architects and engineers, interior decorators/decorators/interior designers/decorators hair stylists/personal trainers; often combined together in an owner policy policy package.
Professional Liability
Self-employed professionals need business insurance as they face numerous risks that must be managed effectively in order to ensure their businesses thrive and grow successfully. By purchasing the appropriate policy, purchasing it helps manage risks effectively while simultaneously supporting growth of the business.
Professional Liability insurance (also referred to as Errors & Omissions coverage) serves to safeguard self-employed professionals against claims that they made errors while providing their professional services. It’s especially essential for consultants, designers, lawyers and other service-based professions.
Business insurance can be complex and it is wise to speak with a licensed insurance expert regarding what policies best suit your needs. BiBERK’s experts are committed to finding you the most cost-effective and comprehensive small business coverage, while still meeting all of your requirements for affordable cover. Don’t risk everything you have worked so hard towards by leaving any unexpected incident or accident put your hard-won success vulnerable. Connect with one of their specialists now at biBERK so they can show you their wide variety of self-employed insurance offerings as soon as today and compare quotes or buy policies online instantly online from any place or device!
Business Owner’s Policy (BOP)
A business owner’s policy (BOP) is an affordable bundle of three key coverages: general liability insurance, commercial property insurance and business interruption coverages. Together they protect businesses against various physical and financial risks such as property damage, bodily injury and the inability to resume operations post disaster. Although separate policies exist for some of these protections, a BOP provides an easy and hassle-free solution.
BOPs can be an attractive solution for small to midsized businesses that don’t require specific policies like workers’ compensation and commercial auto. While you may still require other policies – like inland marine coverage for equipment that can be moved across land or crime insurance against theft – BOPs may also be included as part of larger commercial package policies which bundle various coverages together and offer discounts for expenses incurred during business operations. Contact us to obtain a quote now and gain more insight.
Workers’ Compensation
Self-employed business owners may find it easy to miss out on insurance policies that could save their business money. Your clients may require you to have workers’ compensation or commercial auto coverage before contracting with you; and just like with personal policies, comparing quotes frequently to ensure you have adequate protection at an economical price is key for business insurance too.
Costing of workers’ comp policies for self-employed individuals depends on state, annual earnings or reported income and job classifications as determined by the National Council on Compensation Insurance (NCCI). Job classifications reflect risks associated with specific jobs while experience modification ratings (or “e-mods”) take account of claims history.
As an independent worker, one of your primary concerns should not be injuries or illnesses that prevent you from doing your work. By investing in self-employed business insurance policies that will cover you no matter what happens, your financial future can remain secure and you can rest easy knowing your future is protected no matter what.
Commercial Umbrella Insurance
Commercial Umbrella insurance (CLUP), often referred to as extra protection against liability beyond your primary business policies. With relatively affordable premiums compared to available coverage amounts and expert assistance in selecting an adequate limit for your policy, CLUP insurance provides added layers of liability protection that go above and beyond what’s offered through primary policies.
Ascertaining whether your company requires commercial umbrella insurance will depend on various aspects, including its nature, location and size of operation. For instance, if you operate a food truck that frequents public spaces or manufacture products that injure customers then an umbrella policy could protect against large damage awards that could force it out of business altogether.
Umbrella coverage is an integral component of any small business’s risk management plan, but especially important if your risk exposure to third-party injuries and damage to property is significant. With NEXT general liability policies already in place, adding commercial umbrella coverage takes mere minutes online – find out more about their products and services and get your free quote now.
