Business Insurance for the Self Employed

General liability insurance is the first type of insurance most self-employed business owners get.

Often called slip and fall insurance, general liability covers situations where your business may be responsible for an accident that injured someone or damaged property that doesn’t belong to you.

In many industries, you can’t get hired or start jobs without providing a certificate of insurance that shows active general liability coverage for your business.

Workers’ compensation insurance is almost always required if you have employees. But it can also cover your medical expenses and lost wages if you are self-employed with no employees.

Just make sure you have business owner’s coverage included in your policy.

If you’re doing anything other than making the occasional coffee run, you might not be covered by your personal auto policy if you drive for business reasons.

Commercial auto insurance can help cover expenses if you get into an accident while driving to meet clients, drop off equipment, make deliveries and a variety of other tasks you might be doing behind the wheel during your workday.

Commercial property insurance covers all of the physical items you need to do business — your equipment, furniture, inventory and even the building itself (if you own it).

When you have commercial property insurance, you’ll have help replacing your stuff or repairing your damaged building after a covered event, such as a burst water pipe, fire, tornado or vandalism.

You’ve probably heard tales of an angry customer who turns a minor disagreement into a full-blown legal battle. It happens in almost every line of work.

If you’re accused of making a mistake or being negligent, professional liability insurance (often called errors and omissions insurance) can help cover expenses if you have to go to court or pay to fix a problem.