Being a freelancer, just like like being self-employed, is a great way to ensure professional freedom. Many people opt to work as a freelancer due to the unmatchable flexibility it can give you. Going freelance can also be brilliant for money-saving, as you will often be able to ditch the commute and pick-and-choose your own clientele as it suits you. It is important, however, that you are properly insured, even as a freelancer.
There are a number of types of insurance policies that you may consider purchasing if you are a freelancer. These range from freelancer income protection insurance to critical illness cover and public liability insurance. If you have no employer, it is likely that you will have no financial fallback if you were to become sick or unable to work. Further, if a client or customer were to make a legal claim against yourself and your work, you may not have anything in place to cover the legal costs. These instances are why freelancer insurance is so important.
Getting the right freelancer insurance is easy with Proper Finance. Simply fill in a few of your details using our online form and you will be contacted by one of our specialist insurance partners. They will assist you every step of the way, helping you to get insured as effectively and quickly as possible.
We aim to be as approachable as possible for our customers, and will always do our very best to assist you with any and all queries you may have concerning any part of our application process and more.
Our online application only takes minutes to complete, with decisions being made very quickly after this. A member of staff will contact you to help you proceed with the final steps.
Proper Finance have more than 100 top-quality partners in insurance and loans.
Each and every one of the providers we work with are fully checked to ensure their reputability, their trustworthiness, and furthermore their competency in helping to provide you with the financial services you require.
The Proper Finance comparison site is free to use and there are no upfront fees for filling in our online application.
One of the risks of being of being a freelancer is the potential lack of financial protection in place in the event that you are unable to work. This may be as a result of illness, business interruption or the costs of legal procedure; in any case, you may face severe financial difficulty in the event of hardship.
People who are employed by a business are protected in such cases by employers liability insurance; it is a legal obligation for all employers to have this insurance so that they are able to support their employees.
If you are a freelancer, there is no such mandatory policy. If you are a rendered unfit to work, the financial implications for you if you don’t have income protection insurance could be massive. As a precaution, the best option is for you to get freelancer income protection insurance.
The financial protection you will receive through freelancer income protection insurance will enable you to cover at least your essential expenses in the event that you cannot work. The amount of money you receive will depend on the level of cover you choose. Most freelancer self-employed protection insurance covers will pay out up to 60% of your gross salary, although you may choose to purchase a higher level of cover.
Critical illness cover will ensure that you will receive a significant tax-free lump sum if you become seriously ill and can no longer work. It covers many serious illnesses or injuries, such as losing an arm or leg, cancer, strokes and heart attacks. This kind of cover also works as a replacement salary and can be used to contribute towards your living expenses, making it extremely useful to a freelancer who has no employer to help them in a situation such as this. This type of insurance may also be referred to as business interruption insurance.
If part of being a freelancer entails clients or customers coming to your home or a property in which you work, then you may need to get public liability insurance. This is because you will be held accountable for any incidents that happen on your property as a result of running your business there. Public liability insurance is designed to help cover the cost of any legal fees that could ensue from such accidents, as well as any additional costs that might be involved. This type of insurance can also cover you if you regularly visit other people on business and accidentally damage someone else’s property; you may wish to ask your insurance provider if this is something they offer prior to purchasing.
Professional indemnity insurance is commonly purchased by anyone who gives professional guidance and advice to its clients as a service. Taking out professional indemnity insurance means that the insurance provider will cover the cost of any legal expenses as well as compensation bills that are due as a result of a customer deciding to pursue legal action against you and your professional advice. If your freelancing business involves offering this sort of service, professional indemnity insurance is a great option for you.