Understanding Self Employed Liability Insurance

Liability insurance protects a person or company in the event of being suited

. Self employed liability insurance is the insurance that a person who runs his or her own business can buy to protect themselves. This insurance is vital to any business that provides any public contact, product or information. A lack of this insurance can result in very damaging law suits and fines if a self employed person is found in fault of a loss or injury. These losses may be due to the customer's own negligence but may result in a serious loss for the self employed if the customer procures a good lawyer and the self employed does not have liability insurance.

Most insurance companies offer self employed liability insurance. Explaining the nature of your business and the risks involved with the customer and public interactions can help the insurance agent assist you in finding the right liability insurance for your needs and budget. Some very important things to discuss include customer suits against the misuse of a product, product failure, personal injury to a customer and copyright laws regarding the name of the company and the services. The insurance agent can help you to analyze your business and determine ways to make it safer and less likely to be involved in any type of law suit or negative publicity.

Asset protection is another major feature of self employed liability insurance. If there is a problem, such as a law suit or the business is not able to support itself, the insurance can help to prevent a loss of assets. These assets include the computer, the fixtures and the building that the business is located in. These assets may be liquidated to settle debts though. Personal property and assets will be protected from liquidation and garnishment with liability insurance.

If you engage in a business with limited contact with the public, this does not lower your need for self employed liability insurance. Independent contractors or self employed people who sell services such as web content and web building, both of which require little to know physical contact with a customer, should have insurance as well. This protects the self employed person from copyright infringement, slander, and plagiarism. Some insurance policies can even protect the person in the case of a customer refusing to pay the amount due. This can come in very handy if the amounts are very high and the customer is unable or unwilling to pay for the services rendered.

by: Troy Truman

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