Considering a multitude of situations you and your business many encounter is the best way to protect yourself in the future. Securing the types of insurance which will protect you in these unfortunate circumstances is the first step.

What Insurance Will Cost You

The cost of business insurance will depend on a combination of your annual revenue and the type of work that you do. In general, business insurance is far less expensive than you'd expect, and shopping around will help you get the best possible deal.

You can purchase professional business insurance through an independent insurance agent, directly from the insurer or as part of a business group. One of the primary advantages to working as a freelance consultant through an umbrella company or employer of record is that the company will assume responsibility for your insurance coverage, taking one less worry off your mind and ensuring that your insurance coverage is adequate for your industry and position.

Business Expenses and Additional Choices

Professional Liability Errors & Omissions insurance is the most popular (and most necessary) insurance for independent contractors working as freelancers. Working through a portable employer of record or Umbrella Company may be another option. This decision depends on how your business is arranged or how you wish it to be arranged in the future. No matter what the final decision may be; finding and securing business insurance is in any successful freelancer's best interest.

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