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Compare self-employed business insurance

When you’re self-employed it’s easy to let insurance fall off the list of priorities – especially when you’re already juggling dozens of tasks. But being self-employed means it’s even more important to protect your assets – here’s how business insurance can help. If you’re ready to compare self-employed business insurance quotes, give us a call on 0800 188 4930 or leave a few details and we’ll call you back. Or read on to find out more about this type of cover.

3 min read

A small business owner stands in front of his workshop with bikes and other products in the background

What is self-employed business insurance?

Self-employed business insurance isn’t a standalone policy, but a suite of products that covers you for the risks you face when you’re self-employed. It can help compensate you for damage to equipment or stock, and can help you meet your legal obligations.

Do I need business insurance if I’m self-employed?

Business insurance packages are tailored to suit your needs so it doesn’t matter whether you’re self-employed, a sole trader or run a multi-national corporation – the right policy for you will reflect your unique circumstances.

When you’re searching for business insurance take the time to think about all the elements that make your business tick. Consider where you work, the equipment you use and also the situations you find yourself in because of your business – for example if you’re a decorator and regularly go into other people’s homes.

Business insurance pulls together different types of insurance that could protect you from:

  • Damage – this could cover buildings, stock and equipment.
  • Employee accidents – if you employ staff, by law you’ll need employers’ liability to cover employees if they’re injured through work, but you could also consider personal accident cover as an additional benefit.
  • Theft or damage to goods in transit – if you transport goods for other people then goods in transit insurance provides compensation if contents are stolen or damaged.
  • Cyber-attack and computer viruses – this protects you if personal data is stolen or your computers are hacked.
  • Infringement of trademark or intellectual property – if you’re self-employed protecting your rights and ideas is essential.

Do I need self-employed insurance if I work from home?

Ultimately this depends on the nature of your business. If you have equipment, stock or are likely to conduct business meetings from your home, then business insurance is certainly worth considering. Even if you just have a couple of computers and a printer, think about whether you could afford to cover the cost of replacing them yourself if they were damaged or stolen.

You should also check to see whether your home insurer has any exclusions or clauses about running a business from home. If you don’t tell your insurer and you make a claim for expensive business equipment, they could invalidate your policy due to non-disclosure.

You should also be aware that home insurance won’t cover you if you receive visitors to your home in relation to your business – for example clients or suppliers.

How much does self-employed business insurance cost?

The cost of insurance depends on lots of different factors – such as what your business is, where it’s located and how many employees you have.

With that in mind, it’s tricky to give an average cost but it’s important to realise that cheap self-employed business insurance policies don’t always represent the best value.

A policy should always reflect your business needs and at the very least include:

  • Public liability insurance for self-employed workers – this covers the cost of compensation and legal fees if a member of the public takes you to court, for example if a client tripped and fell in your home during a business meeting.
  • Professional indemnity insurance for self-employed workers – covers compensation and legal fees if a client believes your work has resulted in them making a loss, for example if you’re an accountant and your miscalculation directly led them down an unprofitable route.
  • Product liability insurance – covers compensation costs and legal expenses if a product has caused a customer injury or damaged their property.

When you’ve thought about the essentials, consider the levels of cover you might need and whether there are any particular expectations within the industry you’re in. For instance, if you work with local councils (or would like to) then you may be expected to have a minimum level of public liability cover as required or advised by the council or professional body.

If you’re an architect, accountant or surveyor then some professional organisations and trade bodies may also expect you to have a certain level of professional indemnity insurance before you can join.

How to compare self-employed business insurance quotes

At Uswitch for Business, we understand that when you’re self-employed, time and finances are probably the two things you don’t have enough of – which is why we aim to find suitable cover at a price that won’t break the bank.’.

For peace of mind, start a quote right now and give us a call on 0800 188 4930 or leave a few details at the top of the page and we’ll call you back.

What is self-employed business insurance?
Do I need business insurance if I’m self-employed?
Do I need self-employed insurance if I work from home?
How much does self-employed business insurance cost?
How to compare self-employed business insurance quotes

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