Being self-employed comes with its share of freedoms and advantages. However, it also comes with several additional responsibilities, because everything rests on your shoulders. That’s why it’s important to consider the various types of protection and insurance available to self-employed workers. For example, what will happen if you get sick and can’t work? What will you do if your car breaks down and you can’t get to your clients? How will you compensate a visitor who slips on your icy stairs and injures themselves? You can count on your insurance… provided, of course, that you have the right coverage!
Not sure how to navigate all these options? In this article, AMR has compiled a list of insurance policies for self-employed workers to consider.
The main insurance protections to purchase if you are self-employed
Insurance for “Property for professional use”
To cover property used in the course of your professional activities up to a specified amount, basic coverage is usually included in your home insurance policy.
If the amount of compensation initially included in your home insurance policy is sufficient to cover your business property and that property meets the eligibility criteria set by your insurer, you are not required to purchase additional coverage. However, it is essential to notify your insurer of your home-based business activities! This will save you a lot of trouble in the event of a claim.
Furthermore, if the value of your equipment exceeds the coverage provided or does not meet your insurer’s eligibility criteria, you can take out an endorsement, i.e., a document appended to your insurance policy that adds (or removes) coverage.
To ensure that you have sufficient coverage to replace all your business property in the event of damage or theft, we recommend that you make a comprehensive list of all your business property and calculate its value.
Then contact an independent insurance broker who represents several insurance companies. Completely impartial, they will find you the best coverage based on your needs.
Civil liability
Generally included in your home insurance policy, this coverage will cover damages if one of your customers is injured or if you cause damage to their equipment in the course of your work, whether the incident occurs on your premises or elsewhere.
To ensure that this coverage is sufficient, we recommend that you check with your insurance agent or broker. They will be able to assess your risk exposure and modify your insurance policy if necessary to add extended liability insurance coverage for your professional activities.
Professional liability
This insurance protects you in the event of legal action for errors or omissions committed in the course of your work. Mandatory for members of certain professional associations (such as certified public accountants), other professionals may also purchase it. Ask your insurance representative for more information.
Auto insurance
If you use your vehicle for business purposes, inform your insurer. They will be able to provide adequate coverage for your situation.
Home insurance
If you work from home, it is also important to inform your insurer and specify the nature of the risks (storage, use of tools, computer equipment, etc.). If necessary, they can then make the necessary adjustments to your policy.
Business insurance for self-employed workers
If the coverage mentioned above is not sufficient to adequately cover your professional activities, your agent or broker may suggest that you purchase business insurance designed specifically for self-employed workers.
This may include, for example, liability insurance that covers you in the event of damage caused to others, but also for products sold; protection in the event of loss of income; coverage for customer accounts, cash registers, and important documents; compensation in the event of equipment breakdown, etc.
In conclusion, being a seasoned self-employed worker is not just about having a decent workstation, eye-catching business cards, a powerful website, outstanding customer service, and good accounting management. You also need to think about insurance, an aspect that is sometimes overlooked.
Ainsi, même si vous connaissez maintenant les assurances pour un travailleur autonome essentielles auxquelles souscrire, celles-ci ne sont pas nécessairement suffisantes pour couvrir vos activités professionnelles. En effet, les besoins varient énormément d’un métier et d’une personne à l’autre. L’aide d’un courtier d’assurance indépendant vous sera donc très utile ! Totalement impartial, ce dernier pourra vous conseiller et vous bâtir une couverture sur mesure, parfaitement adaptée à votre réalité, et ce, au meilleur prix possible. Contactez-nous dès aujourd’hui pour parler avec l’un de nos courtiers indépendants !