As a self-employed worker, you may be wondering whether or not you need business insurance. Insurance can be an expensive commitment, but it can also provide you with some much-needed financial protection that could be vital to your business's survival.
Why You Might Need Business Insurance
When you're self-employed, you're responsible for every aspect of your business. This includes not only the work you do but also the risks associated with that work.
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Starting a new business can be both an exciting and challenging experience. With so many tasks to complete, it's easy to overlook the importance of insurance. However, protecting your business is crucial, especially in today's uncertain environment, as otherwise, you may not be in business for long. So, what types of insurance should you consider for your new venture?
General Liability Insurance
This type of insurance is an essential form of coverage that protects you against legal claims arising from accidents, injuries and property damage that occur on your business property.
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The majority of business owners will require public liability insurance to operate legally and to offer some protection to both them and their customers. Cover will vary between policies and providers, so you should always check your policy documents carefully and direct any queries to your insurer. In general, public liability insurance policies will cover the following:
Third Party Personal Injury
Accidents can happen regardless of how careful you are or what health and safety practices you put in place for your business.
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If you've always been a fitness fanatic and enjoy helping others, you may have decided to open up an independent personal training business. Some people in your situation offer to do this on a mobile basis by travelling to the client's home or workplace. Others may come to an agreement with their local gym so they can practice within this space, while yet others will open their own facility. Clearly, insurance is important with this type of venture, but you will likely need a special category of insurance to protect you from all eventualities.
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If you love food, have a flair in the kitchen and want to introduce people to your skills, you may be about to open a new restaurant. Yet before you can prove that you are a culinary aficionado, you need to get your business hat on and make sure that you do not expose yourself to too many risks along the way. What do you need to know about restaurant insurance, specifically?
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