All You Need to Know About Freelancer Commercial Insurance

Freelancing is becoming increasingly common across the United States—about 35% of the American workforce belongs to freelancers. A full-time freelancer is, in effect, a small business owner and susceptible to the same risks as any enterprise would be. So, a freelancer also needs business insurance.

Why Do Freelancers Need Insurance?

You can get commercial insurance to protect yourself in the following scenarios:

  • Financial losses due to ill health
  • Errors or omissions that cause clients financial loss
  • Damage from natural disasters such as a fire or flood
  • Cybercrimes like hacking, phishing, and data theft

Sometimes, your clients may insist on a liability insurance policy in place for your freelancing business.

What Insurance Do Freelancers Need?

If you’re looking to buy insurance for your freelancer job, consider the following options.

General Liability Insurance

This type of commercial insurance for freelancers will cover you if someone gets injured on your premises and sues you. It also includes libel and copyright infringement.

Professional Liability Insurance

The other name for this insurance is “errors and omissions.” It will cover your legal expenses if a client claims that they suffered financial loss due to your negligence.

Cyber Liability Insurance

This type of commercial insurance for freelancers covers the expenses incurred due to data breaches or theft of the client’s sensitive information and associated legal fees.

Property Insurance

A property insurance policy covers the loss of any property or equipment you own that is part of your freelancing business through events like fire and theft.

Commercial Auto Insurance

If you use your personal vehicle to visit clients, it may not be covered for business purposes. Hence, commercial auto insurance can keep you covered.

Health and Disability Insurance

Since you don’t have an employer to take care of your health benefits, you need to make your own arrangements. A suitable health and disability plan will cover you at times of ill health or in case of disability.

These are the different types of commercial insurance for freelancers. As a freelancer, you are liable for insurance and should get the best policy for your needs. If you have any additional questions about business insurance, contact the experts at Singh Agency today.

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