Hi, my name is Karen. Every quarter, I review all of my insurance plans and get multiple quotes to make sure I am still getting the best deals and services. Seriously, my family laughs at me for this obsession. However, in reviewing our policies so many times, I have learned a lot abut insurance. I decided that I wanted to share that information so I started this blog. In particular, I want to help people who are newbies to the world of insurance. If you are a teen driver, a new homeowner or anyone else buying a policy for the first time, this blog is devoted to you. Please read and enjoy!
Owning a small business or being self-employed can mean many freedoms and rewards, but it can also mean taking on all the risks of your work and your business yourself. Any errors, oversights and other such mistakes on your part can be very costly and can mean losing your business; in some cases, you might even risk losing your house and other private property. Having the right insurance can protect you from this type of loss and cover any damage or costs that are due to your errors or negligence. Note a few different types of coverage or policies you might consider when you have a small business or are self-employed.
Construction and contractor's insurance
Someone who owns a construction business should have civil contracting insurance to cover them from any liability, in case a structure they erect has serious flaws, or if they were to overlook any part of that construction. In some cases, your construction company can be liable for damages even if certain mistakes were made by subcontractors. You might also be liable for environmental damage that is caused by your work.
Contractor's insurance is also good for those who are self-employed. Even if you only manage small home repair jobs or everyday upgrades to a home or business, you can be liable for damages, personal injury and other such issues that are the result of a mistake made during your work. This insurance coverage can pay for those damages and other related costs.
Commercial motor
If you have a car or truck you use for business, of course you'll have insurance for that vehicle, but you may use other vehicles and motorised equipment for your work, and these should also be covered by insurance. For example, your work might require an earthmover, such as a bobcat. Tractors, tillers and other such motorised equipment should also be covered by insurance to cover you in case of loss, theft, vandalism and the like.
Illness and work stoppage
As a self-employed person, if you fall seriously ill or get injured while working or at any other time, you won't have any type of unemployment insurance from your employer to cover you. Illness and injury insurance will compensate you during this time; it may not pay you the full amount of what you would otherwise earn, but it can mean not falling behind on your bills and also ensuring you receive some type of income during a work stoppage.
Share31 August 2017
