Self-employment can be a beautiful opportunity. It gives you the chance to say goodbye to working for an employer and having a boss and say hello to freedom and flexibility. While being self-employed comes with plenty of great opportunities, it does come with some confusion as well. As a self-employed person, you’re in charge of everything.

In general, when it comes to sub-contracting, you do most of the work alone. You must do your own marketing for your business, submit your own taxes, as well as ensuring your business meets requirements such as insurance.  You must have insurance that’s going to perfectly reflect your unique setup and the needs that your business has.

It can be daunting to try to navigate what your business needs, what’s missing, and whether or not you’re doing things such as payroll admin, pay management such as processing invoices, and paying taxes correctly.  Whether you’re working by yourself or employing a whole team, finding the right insurance for your business doesn’t need to feel like an impossible task. It can be quick, cover what you need, and there doesn’t need to be any hassle either.

What type of insurance do you need as a self-employed person?

In the last few years, there has been a rise in the number of self-employed people. This is because freelancing, subcontracting and remote work is becoming more and more popular. There are many benefits of being self-employed such as flexibility, freedom, and control over your own career path. However, this also comes with a lot of risks.

One of these risks is ensuring you have the right insurance. There are a variety of different types of insurance that a self-employed person can get. This can depend on what you’re doing and what industry you’re in and the insurer will assess risk. The potential for exposure to claims is a critical aspect of being adequately covered as a self-employed worker.

What type of coverage should you get if you’re self-employed?

When you are self-employed, it’s important to know what type of coverage you should get, since there are so many different types. You may feel lost trying to figure out what’s best for you and your business at first glance. It’s also understandable to question how it works too. Some different insurance that a self-employed person may need can include:

  • Public liability insurance
  • Professional indemnity insurance
  • Employer liability insurance
  • Building and content insurance
  • Equipment insurance
  • Motor insurance
  • Product liability insurance
  • Credit insurance
  • Legal insurance
  • Travel insurance
  • Goods-in-transit insurance
  • Business interruption insurance

This doesn’t mean that your business needs to have all of these to stay safe but you may need to opt into more than one of these types of insurance.  Since this can feel very confusing, the helpful payroll solutions team at Pebble Contracting can help you out. We offer more than just payroll services to their clients; we’ll go above and beyond to offer other services such as helping our self-employed clients find the best insurance that fits their needs and business.

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