While being your own boss can be freeing, there are also plenty of challenges. As a freelancer, you must manage and maintain every aspect of your business, including insurance and financials. Business insurance can be complicated, so we recommend working with an agent and educating yourself with these FAQs for freelancers.
09/09/2024
·5 minute read
Do I need business insurance, and if so, what type of insurance do I need?
We covered this question in more depth here, but the short answer is yes. If you are a freelancer, you need to at least have General Liability insurance coverage in case you accidentally injure someone or damage their property.
If you have a building or equipment such as laptops, printers, desks, or chairs, (almost anything you use to operate business), consider getting some form of property coverage as well. Traditionally, the best way to cover this type of property is using a Business Owners Policy (BOP) which has coverage for your business property and for General Liability.
You should also consider whether your business needs Professional Liability insurance. Sometimes called Errors and Omissions insurance, this can cover your business against lawsuits that claim the work that you performed was inadequate or not up to standards.
