If you’re self-employed, it’s very important to choose the best business insurance coverage. If your business is based at home, you’ll need business property insurance to protect your valuable physical resources. You’ll also want to have business liability insurance so all the hard work you put into creating your business will be protected. Just one lawsuit has the potential to bankrupt your business! Choosing the right business insurance can be complicated, however. You’ll need to be protected for possible property damage from storms, fires, or accidents; extortion, fraud, and embezzlement; data loss due to cyber crime; and liability of all types - product liability, malpractice, injury or accident liability, and professional liability, known as risks of errors and omissions. The following list of five self-employment business insurance providers will take into account all the issues previously mentioned. Keep reading to learn more about these top five business insurance providers.
Top 5 Providers of Self-Employment Business Insurance
- Hiscox
- Geico Insurance Agency
- State Farm Insurance
- Allstate Life Insurance Company
- HDF Insurance
Hiscox
Hiscox provides commercial general liability insurance for self-employed business owners. Their BOP (Business Owners Policy) combines property insurance and general liability insurance. Both of these insurances are necessary if you interact face-to-face with clients, have any access to your client’s equipment, represent a business of your client, or perform any business related activities in a third party location. Before entering into any contract, you are legally required to have general liability insurance. With Hiscox, you get a tailored insurance policy and flexible payment options.
Highlights
- Combines property insurance and general liability insurance
- Necessary if you interact face-to-face with clients or have any access to a client’s equipment
- Tailored insurance policy with flexible payment options
Geico Insurance Agency
The Geico Insurance Agency is one of the largest and best companies providing business owners insurance for the self-employed. They bundle together 2 different types of coverage - liability insurance and property damage - into one Business Owner’s Policy. Coverage may include protection for rented property or your own equipment, defense against slander, libel, and lawsuits, and damage to yourself or to your property by fire.
Highlights
- Largest company providing business owners insurance for the self-employed
- Liability insurance and property damage are bundled together
- Coverage includes protection for property and equipment, damage to yourself or property, and defense against lawsuits, libel, and slander
State Farm Insurance
State Farm Insurance Company provides liability and business property insurance packages for the self-employed. Their specialty is commercial liability umbrella policies and liability for errors and omissions - that is, you’re protected from any liability stemming from a negligent act. This policy also covers legal defense costs. Their business property insurance policies protects your home or third party locations, as well as damage by fire, flood, accidents, or burglary.
Highlights
- Liability and business property insurance for the self-employed
- Commercial liability policies covering errors and omissions
- Covers legal defense costs
Allstate Life Insurance Company
Allstate Life Insurance Company has special advantage plans for individuals and the self-employed. Their insurance bundles product and professional liability insurance, and general liability and employment practices liability. You will be covered if you’re sued because of accidents or claims of negligence against you. You’ll also be covered if you have manufactured a product that causes damage or injury if it is defective.
Highlights
- Special advantage plans for individuals and the self-employed
- Bundles product and professional liability insurance
- Covered if you’ve manufactured an injury causing product
HDF Insurance
HDF Insurance specializes in providing liability insurance specifically for the self-employed. General liability insurance is necessary if you run a home-based business with clients coming to the home office. If you’re a consultant or provide services or advice, you might need professional liability insurance (also known as errors and omissions). This company offers free consultations so you can maintain peace of mind while reaping the benefits of being self-employed.
Highlights
- Provides liability insurance specifically for the self-employed
- General liability insurance for home-based businesses
- Free consultations so you can continue to enjoy being self-employed and maintain peace of mind
Conclusion
Finding the right business insurance is especially important when you’re self-employed, but finding the right policy for your needs can be difficult. If you’re in the market for great self-employment business insurance, talk to an insurance agent today to learn which policy and coverage will be best for you and your business needs.