Self employed insurance – why it matters
If you’re self employed, you’ll be familiar with the perks of working for yourself. As your own boss, when things go right you get to take the credit. But there’s a level of risk involved too. You may have an accident and find yourself unable to work, or an unhappy client might take unexpected legal action. As a self-employed person, when disaster strikes it can feel particularly hard to deal with the fallout. Hiscox will arrange a tailored insurance package that gives you the perfect level of cover for the risks you face.
Public liability insurance for the self-employed
When you work as a freelancer or contractor it can be easy to assume you’re not vulnerable to public liability claims, especially if you don’t have a public-facing office or shop. But a number of scenarios could end up with you facing legal action - even something as simple as spilling a cup of coffee on a client’s high-spec laptop. Our public liability insurance for the self-employed will cover you for the costs that arise from having to deal with such a claim.
How getting insurance as a self-employed person can help
Accidents and injury
Self employment has its benefits but there are added pressures too. You may be ill or have an accident and lose out on earnings if you can’t work for a while. Whether you’re a freelance writer with a broken finger, or you run a business with employees and you find yourself bedbound, we’ll help you to offset the financial losses of being out of action. If it’s a client who has an accident or injury due to your professional services, our public liability insurance for the self-employed has got you covered.
Unhappy clients
No matter how much pride you take in your work, it’s possible that you could be challenged at some point in your career. You might be accused of misinterpreting a brief or offering unsound professional advice. Either of those could lead to a disgruntled client bringing a claim of negligence against your business. No matter who’s at fault, our professional indemnity insurance will cover the cost.
Technical problems
Whether you rely on computers, cameras, beauty equipment or something else, as a self-employed person you can’t operate without the tools of your trade. And no matter how careful you are, one spilled cup of coffee could spell the end for a key piece of equipment. If it happens, we’ll cover both your lost earnings and the cost of repairing or replacing the damaged item.
If you’re not sure what you need, tell us a little more about your business. We’ll help you to build your quote and explore any other insurance needs.
Build my cover
Key types of insurance for the self employed
Professional indemnity insurance
Professional indemnity insurance is there to protect you if a client or customer claims you’ve made a mistake that caused damage to their reputation or resulted in them losing money. Whether your business provides tangible products and services to clients, or you give professional advice and guidance to them, if they feel they’ve suffered damage because of your business you could find yourself facing legal action. Professional indemnity cover is there to help with both the legal and compensation costs of dealing with any claims.
Cyber and data insurance
Cyber and data insurance protects you against data breaches and cyber crime. Most businesses hold at least some data about their clients, as well as their own sensitive banking information. Data can easily be sent to the wrong recipients – it’s an easy mistake but an expensive one. Then there’s the threat of having your data deliberately hacked and held to ransom. If you fall victim to an attack on your computer systems, we’ll cover the cost of putting it right and give you immediate access to our team of experts.
Personal accident insurance
Self-employment puts you in the driving seat, but it also means you’re vulnerable to the business being unable to function properly if you’re ill or injured in an accident and unable to work for a period. It may just be a day or two, but it could be much longer and if it is, personal accident insurance has got you covered. Depending on your injury, we will pay £250 a week until you’re able to return to work, or up to £100,000 for serious permanent injuries, to help you manage.
These are just some of the types of business insurance for self-employed people that we can offer. We can provide other specific types of cover and build them into a policy that’s tailored to the exact needs of your business.
Get your quoteSelf employed guides, articles & answers
What is the difference between the self employed and sole traders
The meaning of sole trader is somebody who is self-employed but is also the exclusive owner of their business. The term is used to describe the type of business structure you use. As a sole trader, you (the business owner) and the business itself are considered one legal entity, so you are entitled to all profits after tax.
How freelancers and small business can chase late payments
One of the joys of being your own boss is the ability to choose your own working hours, but it’s no fun if these hours are spent chasing late payments. Here are some tips to help you prevent late payments, as well as some guidance about how to deal with clients who pay late.
A guide to controlling your finances, for the self employed
Being self-employed means that you always stand to feel the gains and losses of your business acutely. In this article, we discuss the financial pitfalls and opportunities that the self employed should be aware of, to have control of their business finances.