With so many people starting their own businesses these days, the need to secure self employed liability insurance has never been greater. Just as many professionals and large businesses carry liability insurance, the self employed can also benefit from securing coverage that protects the business from events that adversely affect clients.
While the hope is that you never need to file a claim, this type of liability coverage can be the difference between going bankrupt and remaining a profitable enterprise.
One of the main reasons whey self employed liability insurance is such a good idea is the potential for consumers to file frivolous lawsuits against your business. Today, it is not unusual for scam artists to set up a series of circumstances in hopes of tripping a small business owner and convincing them that settling the lawsuit is the only way to avoid losing the company.
With liability insurance protecting your small business enterprise, you have the resources of the insurance company to deal with these lawsuits, rather than spending time away from generating revenue.
Another important reason to secure and maintain self employed liability insurance is to settle valid claims for recompense from customers who do sustain some type of damage or injury as a result of doing business with you. Freelancers who provide services to clients that result in a loss of business for that client may find themselves taken to court as a means of recovering that lost revenue.
In like manner, the owner of a small shop may be happy to have liability coverage when a shopper slips on a puddle in the main area of the business, or is injured while using a product bought in the store. All it takes is one incident to make years of paying premiums well worth the cost.
When you work for yourself, there is not the backing of a large corporation with large pools of resources and access to high-powered legal teams. Protecting the financial stability of your small business, as well as your reputation in the business community, makes the need to secure and maintain self employed liability insurance all the more important.
Since a single lawsuit could mean the end of all your hard work, there’s no reason to take chances. Spend some time today investigating and comparing options for liability coverage today. The sooner you have the coverage in place, the quicker you can get back to doing what you do best: generating revenue.
By James Clapton