Insurance for Freelancers
Freelancing refers to the self-employment of an individual and being hired to work for different companies. There are freelancing roles in all kinds of fields of work, from writers, photographers and illustrators to designers and electricians and many more. Being self-employed has its pros and cons — many people choose freelancing as opposed to working for somebody else because it gives them the opportunity to work independently, freely and creatively, and allows you to rules that work for you.
Some people choose to freelance on the side of full time employment for an extra, additional income. Others choose to freelance part time simply to put a hobby or talent to good use through producing creative fiction, poetry, or taking photographs for magazines or online publications. Freelancing is assessable to all, but is best suited and most likely to be successful if you are an organised, focused, and independent individual. Without the assertiveness to work under your own deadlines, goals, and passion to be on the constant look out for new work opportunities and projects, you will most likely find that freelancing is not for you.
For university graduates or even professionals who already have a career, the thought of freelancing is somewhat daunting, considering the fact it means you have you and only you to rely on. But with the correct research and information on becoming a freelancer, it is not as scary as originally anticipated. One factor that is just as important for freelancers as it is for those employed by one company is insurance. Being your own boss means you are required to have the right insurance policy in place and you are the person in charge of organising it.
Thankfully at Watson Laurie, our brokers specialise in commercial insurance for the self-employed. What follows are two types of insurance which all freelance professionals will benefit from:
1. Public Liability
Public Liability insurance covers the cost of legal action and claims made against you in instances such as third party injuries at your workplace, or more specifically to freelancers, when you are working in their home or business property. Without this insurance, you are likely to be liable to pay fees for legal costs and compensation. Public liability insurance also covers property damage in addition to bodily injuries to another person.
2. Professional Indemnity
Even in instances where you are not to blame or did nothing wrong, claims can still be made against you. This is why professional indemnity is so important to have as a freelancer. This will protect you against claims that the work you did was faulty.
No matter what type of freelance business you run, insurance should be considered a must. All businesses are at risk of unfortunate events that are not necessarily your fault occurring, and thus being prepared for such incidents will give you the peace of mind that insurance offers. In addition to the tailor-made insurance policy plans we offer at Watson Laurie, we also offer advice on all things commercial insurance, to assure that you get the best service and insurance cover possible.
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