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If you’re self-employed, you might need to think about self-employed insurance. You may even be required by law to have certain kinds of insurance. Moneymagpie investigates…
If you’re self-employed and work only for yourself, you might need to think about getting some form of insurance. Depending on the business and how you trade, you’ll be required by law to take out some types of insurance. Not all insurance is compulsory but it’s important to think about which ones might apply to you.
Here are just a few you might need:
Running a business is risky which is why insurance is sometimes a legal requirement and also helps to protect your company.
As an employer, you’re legally required to have employers’ liability insurance. If you use motor vehicles for your business, you’re legally required to have the minimum of third party motor insurance.
Your job will determine what kind of insurance you need, especially if you’re dealing with the public. For example, say you’re a beauty therapist or mobile hairdresser. You might rent a space in a salon that already has public liability insurance cover. However, if a client wants to make a claim, it will be against you, not the salon. This means you might want to take out professional indemnity insurance.
Professional indemnity insurance is when a dissatisfied client might want to take action against you and claim compensation. They might not be happy with your work or a mistake you made has cost them money.
You might have expensive equipment in rented spaces that would need insuring in case they become damaged.
The Association of British Insurers has a great guide on insurance for small businesses.
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