Is Commercial Insurance a Necessity for Freelancers?

Every business, including freelancing, involves some risks. Even if a freelancer works independently from their home, they have some risks and uncertainties, and they need insurance to safeguard themselves from any unexpected expenses or situations.

Commercial Insurance for Freelancers

Here’s a list of commercial insurance for freelancers:

Professional Liability Insurance

Your client may take legal action against you if your negligence in work, including omissions and errors, causes financial losses. If you choose to go without indemnity insurance, you need to pay more.
Professional liability insurance guards you against such costs, so you should consider investing in this insurance.

Business Interruption Insurance

Unexpected circumstances are threatening to businesses, so preventive measures must be taken to tackle such situations. Natural disasters, including hurricanes, earthquakes, and floods, can challenge your ability to work and invariably cause delays to your project.

You might be forced to relocate, face power cuts, or have difficulties to access some resources. Due to these interruptions, you may lose your income. In such scenarios, business interruption insurance can help you cover your routine expenses and loan payments.

Liability Insurance

Liability insurance will offer protection if someone injured on your premises or by your equipment seeks compensation. Also, it will protect you from slander, trademark, or copyright infringement.

Cyber Liability Insurance

If your work involves sensitive digital information, this insurance will protect you in case the data is compromised or leaked.

Property Insurance

This insurance will protect your expensive equipment from damages caused by fire, theft, or vandalism. It can pay to repair or replace your damaged or stolen assets.

These are a few insurance policies that freelancers can benefit from. Freelancers need business insurance to combat the risks and uncertain situations in their work. Do you have additional questions about commercial insurance? Contact the experts at VGW Walker Insurance in Texas, today. We are ready to assist you with all your coverage needs.