What Freelancers Should Know About Insurance

What Freelancers Should Know About Insurance

Insurance questions that freelancers should ask their agents.

Today, more and more professionals are breaking free from the corporate world to enjoy the freedom and flexibility of freelancing.  However, when people make this switch, they often overlook how it affects their need for business insurance in Queen’s County, New York.  To ensure that you have the insurance protection that you need, here are some of the important questions that freelancers should ask about their insurance.

  • Will my homeowners insurance cover me as I freelance?

Even if you work from home, most homeowners or renters insurance policies do not cover business assets or risks.  To secure the coverage you need, you will either have to add a home business endorsement onto your existing homeowners insurance policy, secure a specialty home-based business insurance policy, or invest in commercial insurance policies.

  • What types of coverage do I need?

While your insurance needs will differ depending on the type of freelancing work you do, there are certain types of coverage that almost every freelancer needs.  These essential coverages include general liability insurance, commercial property insurance, professional liability insurance, and commercial auto insurance.  To ensure that you are securing the appropriate forms of coverage, you should discuss your risks and exposures with a trusted insurance professional.

  • Do I need workers compensation insurance?

Every state has different workers compensation laws, so check with your insurance agent to learn about your requirements.  Typically, sole proprietors (self-employed individuals who do not have any employees working for them) are not legally required to carry workers comp coverage.  However, there are still some reasons why you may want this coverage.  For instance, carrying your own workers compensation insurance can help you get hired by larger companies who do not want to be responsible for your injury risks.  Additionally, having this coverage ensures that you have financial protection in the event that you are injured while on the job.  So, even if you are not required to carry workers compensation insurance as a freelancer, you should consider investing in this coverage.

  • Can a client ask to be added as an additional insured?

When you work as a freelancer, it’s common for clients to request to be added to your insurance policies as an additional insured.  Oftentimes, they will make this request before signing a contract with you.  This is because they want to ensure that they will be covered for the risks associated with your work.  Typically, clients can be added to your liability policies as additional insureds.

These are some of the insurance questions that freelancers should ask their agents.  Do you have additional questions about your business insurance in Queens County, New York?  If so, then contact the experts at 01 Insurance.  Our dedicated team is eager to assist you with all your coverage needs today.