Being A Self Employed, Is It Important To Insure?
Managing a business can be a tough task. You have to hover over everything around you. From the inception to the end, it’s only you. But does your hard task is protected?
Well that can be a valuable question which should not be ignored. Self employed person often overlook this point. But is it not important to get the protection through the insurance covers?
Obviously it is important. Insurance can control every kind of damage due to third party interrogation and even personal cause. These can be termed as self employed public liability insurance and personal insurance
Know about the public liability insurance
What is the public liability insurance self employed?
In simple, it is the insurance coverage given to third party in case of an accident. To make it more clearly to you, let you give an example.
Suppose you are having a construction business. It is common to have the project site amidst the crowd. In case during the construction, any public can accidentally get hurt or property gets damaged. They can claim against the accidental damage. To bear the claim all by yourself can be a burden for you.
So let the burden be carried by the insurance companies. The liability of the public is being carried by the insurance company.
How much premiums I have to pay?
Are you thinking about the premiums that you have to bear? Well that depends on many factors. In few words the size of business and the level of involvement of the public interest matters a lot. Choose the one you desire to and discuss with the quote of the company.
Concentrate on personal insurance too
Thinking only about the public? What about yourself? Self employed person has to take care of themselves. So personal insurance for self employed is the compulsory.
Now over the hundreds of option for personal insurance, often you get confused. Which one to choose?
Personal insurance products can only be viable if they provide you variety of facilities. Different coverage is being provided by the different insurance plans. Some of them are long term while others are of short terms. Based on the personalized requirement, choose the one appropriate for you. Have a discussion with the company executive before finalizing.
Working from home? Make sure you are insured too
Now here is another question for the business personal working from home? Are you ignoring the above points? Hope you are not doing so. Personal household insurance does not cover you under the self employment from home. It is totally different issue to be concern about.
So to clear up the issue, while setting up the business at home, have a talk with the current insurer. If they are able to cover them under one policy, then it is best. But if not, check out for some other policies to get the cover. This is equally important as the household insurance.
Self employed person does not get any protection like an employer. So it is best opinion to get the insurance done at the inception only. This will be helpful at the critical time when you are at the work place or even working from home.
