Intro:
Getting insurance for your business is important.
You certainly don't want to leave yourself unprotected.
This is true in just about any industry.
However, it's especially important for freelancers.
Why?
Because freelancers are in charge of protecting their own financial interests.
They don't have a large company taking care of them and providing legal assistance.
If you're a freelancer, you’re going to need to take responsibility for protecting your own assets.
And insurance is one of the best tools at your disposal with which to do this.
So in this post, you're going to learn about five things to look for in a freelance insurance policy to help you maximize protection for your business while minimizing risk.
The insurance world can be confusing, so hopefully this post will help to clear it up for you.
1. What Type Of Policy Do You Need?
Figuring out what type of policy you need is really the first step.
Once you determine this, you can go on to find policies and companies that are offering the protection your business requires.
Different types of businesses will require different types of insurance.
For example, you may need some general liability insurance.
You may even need some workmans’ comp insurance.
A lot of people don’t think that freelancers can get workmans’ comp. But Gigly describes it like this:
“Many gig workers assume that they also sacrificed workmans’ comp policies when they gave up that “employee” title. However, that’s not true — self-employed workers can opt-in to similar policies to protect themselves if they get injured at work.”
There are many different types of insurance that can help to protect your interests.
If you buy the wrong types of insurance, you may end up with coverage that you don't actually need.
Or worse yet, you may end up not being covered in the vital ways that matter.
So do your due diligence and engage in some research to determine what types of insurance businesses in your industry tend to carry.
This is a great starting point.
2. How Much Coverage Do You Need?
This is another vital thing to figure out.
How much protection do you actually need to make sure that your interests are covered?
Once again, if you're not sure about this, you may want to do some research and figure out what other businesses in your industry are doing.
You can even contact other professionals in your industry via a platform like LinkedIn, and just ask them what they recommend for freelancers who are new to the industry.
This kind of networking can save you a lot of trouble.
3. What Do You Need To Cover?
If you work in an industry where you’re required to invest a significant amount of money into tools, assets, infrastructure, etc. then it's important to figure out which of those elements should be covered and what types of insurance are best suited to cover them.
This isn't always easy to figure out.
So it's in your best interest to make sure that you understand the details before you make a purchase.
4. A Fair And Workable Deductible
Once you figure out what you're shopping for, you can start to research different policies offered by different insurance companies.
Of course, the deductible will play a big role in this if you're a small-time owner/operator. The difference between a $1,000 deductible and a $10,000 deductible may be very significant.
Once again, it's just important to do your research and to try to find the best deal possible.
5. A Great Company
Last but certainly not least, it really pays to find an insurance company that believes in your values and understands how to properly serve a company like yours.
With insurance, one size certainly doesn't fit all.
Ask around and get referrals for insurance companies who will be more likely to understand your unique needs and how to solve your unique problems.
This is the best way to find insurance that will actually work for you.
Conclusion
Hopefully this post has helped you to understand what to look for in a freelance insurance policy.
Of course this is just the beginning of the journey.
So get out there, do your research, and find the perfect coverage for you.
Good luck!
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