Freelancers and small business owners are typically self-employed. Being self-employed puts you in control of your destiny. This gives you more freedom, but with that comes extra responsibility and the risk of being personally held liable for damage to property, equipment, an accident, death, or injury, not to mention eye-watering legal costs. No matter what type of service or product you supply, it takes a lot of hard work to become successful. The last thing you need is for all that effort to vanish overnight for the sake of taking out the right insurance.

Types of business insurance for self-employed individuals are

• Public liability insurance
  This form of insurance is vital if your work involves interacting with clients, customers, or members of the public. It covers the costs of legal claims made against you for injury, death, or damage to property that occurs as a result of your business activities.
  
  
• Professional indemnity insurance
  If you provide advice, consultancy, or professional services, this insurance can be invaluable. It covers legal costs and compensation if a client claims that your services caused them financial loss.
  
  
• Employers' liability insurance
  If you have employees, even if they are temporary or part-time, you are legally required to have this insurance. It covers you against claims from employees who suffer injury or illness due to their work.
  
• Personal accident and sickness insurance
  This type of insurance provides financial protection in case you're unable to work due to an accident or illness. It can cover loss of earnings and medical expenses.
  
  
• Business equipment insurance
  If you rely on specific equipment or tools to carry out your work, this insurance can cover the cost of replacing or repairing them if they're damaged, lost, or stolen.
  
  
• Income protection insurance
  Like personal accident and sickness insurance, income protection insurance provides a regular income if you're unable to work due to illness or injury. It usually covers a percentage of your pre-tax earnings.

Does it matter which industry you are working in?

If you are a tradesperson or an office-based professional, in the retail or hospitality sectors, you will need insurance. Whether you are a barber or a solicitor, a freelance journalist or chef, a builder or a dentist, to mention a few, you will need to be insured.

Does it matter how big your business is?

From freelancers to small and medium-sized businesses, having the right business insurance is essential. The risks and impacts on a business are the same, so size does not matter.

Pros of being insured

• Legal protection
  Legal costs can cost millions, and even if a claim is unfounded, these costs could cripple your business.
  
  
• A financial safety net
  If you're unable to work due to injury, illness, or other unexpected circumstances, you will survive through those difficult times with the support compensation provides.
  
  
• Gain more clients
  Your clients or customers need to know that you are covered should something go wrong. For example, if you are a builder and make a mistake that costs thousands while renovating a property, you are more likely to get the contract in the first place if you are insured against such events.
  
  
• Peace of mind
  Insurance gives you peace of mind, knowing that you're prepared for the unexpected that could wipe out your business overnight.
  
  
• Value for money
  Insurance premiums are a small expense compared to potential claim costs.

Get in touch with a good broker

Many clients will insist that you have business insurance in place before they offer you work. A good broker will find the right policies for your business, no matter what industry you are in. Brokers have access to thousands of policies from many insurance providers. This means your business insurance, in all its forms, can be tailored to you.