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Self-employed business insurance
Safeguard your business with tailored coverage
Demonstrate professionalism and reliability to build client confidence
Focus on growing your business, knowing you're covered against disputes, accidents and unexpected events
Helping businesses with insurance for over 70 years
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Our team of insurance specialists have more than 70 years of experience in the industry.
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Our agents conduct a thorough fact find to understand your unique requirements, then work with insurers to get you the cover you need.
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What is self-employed business insurance?
Self-employed business insurance is built to protect individuals who run their own businesses. This insurance package, tailored to suit the specific needs of self-employed professionals, covers a range of risks. These risks include public liability, professional indemnity, and equipment insurance.
This insurance financially protects self-employed individuals against unexpected events such as client disputes, accidents, or damage to their tools and equipment. Whether you work from home or on-site, self-employed insurance supplies the necessary coverage to keep your business secure and operational. This allows you to focus on growing your enterprise with peace of mind.
What’s covered by self-employed business insurance?
Public liability insurance
This protects against claims of injury or property damage from third parties. It covers legal fees and compensation costs – crucial when interacting with clients or the public.
Professional indemnity insurance
Covers legal costs and compensation if a client claims your advice, services, or designs caused them financial loss. Essential for consultants, freelancers, and service providers.
Tools and equipment insurance
Supplies coverage for loss, theft, or damage to essential tools and equipment. Insurance means you can replace them quickly and keep business operations running smoothly.
Business interruption insurance
Compensates for loss of income if your business operations are disrupted due to an insured event like fire, theft, or flood.
Employers' liability insurance
Do you hire employees? This legally required insurance covers claims from staff who suffer work-related injuries or illnesses, protecting your business from legal and compensation costs.
Cyber liability insurance
Protects against losses related to cyberattacks, data breaches, and other online risks. It covers everything from compensation to the cost of restoring compromised data.
The importance of insurance for self-employed workers
If you’re a self-employed worker, it is essential you have the right insurance in place. Overlook coverage, and this opens the door to various risks which can put you in serious financial jeopardy. The following explains the importance of insurance:
- Financial protection: Insurance shields your business from potentially significant financial losses. The likes of claims, legal disputes, or damage can put a stop to business operations if you’re not protected.
- Client confidence: Having insurance demonstrates professionalism and reliability. Not only does this increase client trust, but it makes your business more attractive to potential customers and partners.
- Legal compliance: Coverage means you meet legal requirements such as employers’ liability insurance if you hire workers. As a result, it helps you avoid fines and legal complications.
- Peace of mind: As you know, your business is protected against unforeseen events, insurance allows you to concentrate on your work without constant worry about potential risks.
- Risk management: Assists in identifying and mitigating potential risks associated with your business. Safer work practices are supported, and they reduces the likelihood of accidents or claims.
- Business growth: Insurance can enable you to take on larger projects or contracts that require proof of coverage. Along with facilitating business expansion, it opens the door to new opportunities.
The risks of not having self-employed business insurance
Simply put, not having self-employed business insurance exposes you to significant financial and legal risks. You could face substantial out-of-pocket costs if a client files a claim against you, or if an accident occurs involving your business. Legal fees, compensation payouts, and the cost of replacing stolen or damaged equipment – either have the potential to cripple your business financially.
In essence, operating without insurance puts both your business and personal assets at risk. It can lead to severe financial instability and reputational damage, and it could permanently end to your self-employed venture.
Frequently asked questions
Can’t find an answer to your question? Talk to the Radius customer support team on 0114 261 2020. We’re here to help you with any questions or concerns you may have.
How much is public liability insurance for self-employed?
What insurance should I have if I’m self-employed?
Does a sole trader need insurance?
What insurance is best for self-employed?
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Contact us
UK Fuels, Joseph W Burley and Partners and Milestone Insurance Consultants are owned by Radius Limited, with registered company number 08260702. Registered address: Eurocard Centre, Herald Park, Herald Drive, Crewe, Cheshire, CW1 6EG. Radius Insurance Solutions is a trading name of Joseph W. Burley & Partners (UK) Limited (registered company number 3668469 and FCA reference number 300425) and Milestone Insurance Consultants Limited (registered company number 04587285 and FCA reference number 307191). Authorised and regulated by the Financial Conduct Authority.