In today’s ever changing economy, lawsuits are filed by dissatisfied customers and disgruntled contractors on a regular basis. Civil lawsuits are often filed against unprotected, ill-prepared, small business owners. In many situations, these business owners are just self employed individuals operating a company of one. While these lawsuits are often frivolous, not every self employed business owners can afford to hire lawyers or defend against legal charges. For those who constantly fear expensive legal battles, self employed liability insurance provides independent contractors with a way to protect themselves and their assets.
Business liability insurance policies may be purchased by any individual who seeks additional legal protection. These policies are offered by most major insurance providers, but many self employed individuals are unaware of the option for additional protection. In spite of insurance companies often marketing liability insurance to large companies, any individual operating their own business has the option of purchasing liability coverage. Once purchased, a business liability insurance policy can be used to protect the holder from a variety of legal situations. Self employed liability insurance can protect an independent contractor, or small business owner, from lawsuits and legal actions involving a business’s work-site, product, service, or the actions of an employee.
Business liability is a broad subject which covers any action a company or its representatives may be considered legally responsible. Self employed individuals who work as contractors with small businesses, or other individuals, should always remember that they might be held legally libel for business practices. Though self employed individuals often believe no one would find suing them worthwhile, it is impossible to tell when a well-paying customer might choose to escalate a simple contract disagreement. Having a self employed liability insurance policy is one preventative measure that all small business owners can take.
When choosing a self employed liability insurance policy, it is important that the policy chosen provides the legal protection that best suits the policy holder’s professional field. Just because a business liability policy offers coverage in case of accident to an employer, does not mean all small business owners need such coverage. For example, self employed individuals who work from home writing gossip columns may need protection against lawsuits brought against them for libel or slander. Choosing the best liability policy might seem daunting, but taking the time to research the best way to insure a business can save self employed worker’s future stress and heartache.