Now, more people are opting for a freelancing career. A freelancing career has several advantages, like the freedom to work from home and flexible working hours. Despite these advantages, a freelancing career also comes with risks and uncertainties. This is why freelancers are recommended to buy commercial insurance for their safety and protection.
Why Do Freelancers Need Insurance?
Your work or working environment may be susceptible to risks and damages. If an unexpected fire accident or natural calamity has caused a financial loss to your employer, you have to compensate them for the loss even if the mistake is not yours. This is where insurance can help. Insurance is the right option to protect your valuable assets from a natural disaster, a client lawsuit, or data theft.
A freelancer must consider buying insurance to stay protected from risks and damages while working from home.
Types of Insurance for Freelancers
General Liability Insurance
This insurance is profitable if someone claims compensation regarding a physical injury they suffered within your premises or any damage caused by your work. It can also cover the claims of libel, copyright breach, or slander.
Property Insurance
This policy is beneficial for people owning expensive work equipment or commercial property. It can compensate for the replacement or repair of assets that are damaged by theft or fire.
Professional Liability Insurance
The policy, also known as errors and omission insurance, is one of the beneficial investments for a freelancer. It can cover legal costs when an employer claims to bear a financial loss due to your negligence.
Commercial Auto Insurance
The insurance is a good option if your work requires you to commute routinely. It can also cover accidents and physical injuries during your business trips, which your standard auto policy excludes.
Get the right commercial insurance to protect your business and its assets. If you have any questions about commercial insurance for freelancers, contact the experts at Phocus Insurance today. We are ready to assist you with all your insurance needs.
