Top 10 Insurance Options for Freelancers and Self-Employed Individuals

Insurance is one of the most important measures you can take to work as a freelancer or operate your own business. Insurance would help protect your business and its related equipment and protect you against many potential injuries.

If you are a freelancer or self-employed individual wanting to know the insurance options they can pick for themselves, you have landed on the right page. Below we have covered ten of the best insurance options for freelancers and self-employed individuals which you can benefit from.


What are the Top Ten Insurance Options for Freelancers and Self-Employed Individuals?

Here are ten of the best freelancing and self-employment insurance options you can get your hands on:

1.Professional Liability Insurance

Any business running professionally is necessary, leaving no room for errors. However, business people are humans and are bound to make mistakes occasionally. In case of any mismanagement, accidental errors, or product negligence which can make your client sue you, professional liability insurance comes in handy. This particular insurance is a mix of business and property damage liability and helps cover insurance on on-premises injuries, business misconduct, product negligence, and property damage.

2.Liability Insurance

Liability insurance is a means to protect your finances in case any individual gets injured on your office premises. While there is no denying that while big businesses do have this insurance secured, the question stands: Would self-employed or freelancing individuals need this insurance?

Suppose you are a self-employed individual running a business in an office setup or a freelancing firm that has increased its working space to a more professional one. In that case, we highly suggest you take liability insurance. This is because injuries come unannounced, and in case any client does get hurt or damages their goods on your property, it will always be a great idea to cover their expenses on the house for better relationships in the future.

3.Property Insurance

Whether your office is inside your home or you have a separate office space for running your small business, it is always advisable to take property insurance. The initial journey for many small business and freelancing firms is challenging. They usually put all the money they have as capital to start their business, and any property damage in the middle of your operations can be a nuisance. Hence, in case of any property or equipment damage, it is always a great idea to utilize property insurance rather than paying out of your pocket.

4.Health and Life Insurance

Getting health and life insurance is excellent if you are a one-person show in your business. Human health is one of the most essential aspects, and without a healthy body, you cannot run your business. Health insurance would help cover your expenses in case of any illness or disease. In many cases, it also helps protect the lost costs during which you could not continue operating your business. Opting for life insurance is also a great idea.

Moreover, we suggest you open health insurance if you have a team working for you. For small businesses and freelancing firms, their team is their best asset and driving force; when this force falls sick, it is essential to take care of them. By opening health insurance for your team, you can provide them with medical expenses in case they fall sick.

5.Pension Insurance

Self-employed individuals are responsible for their retirement provisions. If not taken seriously, many self-employed individuals can lead a life of poverty in their old age if other measures aren't accepted. Hence, we suggest you take pension insurance while you are healthy and working. This pension insurance would help cover your expenses and provide a significant amount every month when you retire.


6.Business Liability Insurance

Business liability insurance is insurance protection for your business and its related equipment. For many companies, office space and equipment are expensive, and while they have invested it in once, redoing it in cases of damage can be challenging. In such a regard, business liability insurance comes into the picture. This particular insurance would help self-employed individuals and freelancers quickly cover expenses for any damage on their office property without worrying about paying it from the company account.

7.Accident Insurance

Road traffic or work-related accidents leave people unable to work and leave behind hefty medical bills to pay. Accident insurance would work like a holy grail in such cases. This particular insurance helps cover not only the medical expenses for users that they needed for the treatment of the accident but also provides sufficient coverage for all the time lost during which they could not work.

8.Business Interruption Insurance

There can be a lot of reasons why your small business can stop operating temporarily. It may be because of a fire incident, an environmental factor, or simply because of a burglary or theft at the company. Whatever the case is, this temporary closure can lead to a significant loss.

However, with business interruption insurance, users can still save their company. This insurance covers the running costs of a business, like rent or employee wages, when the company is temporarily closed.

9.Legal Insurance

Business disputes with clients, which lead to court, can be expensive. While such cases are slim for small companies, in case it does happen, the aftermath can be costly. Legal insurance in such a regard would be helpful. It will help small businesses and freelancers manage legal fees and court costs without worrying about paying them from their own pockets.

10.Financial Loss Liability Insurance

This insurance helps you cover the claims for damages made by an individual who faced financial loss because of your mistake. This particular insurance is in high demand among self-employed business owners who work in the planning and consulting sectors and are known to take high-stake risks.


If you are a self-employed individual or freelancer, this article was helpful to you. Let us know which insurance option you are inclined towards the most and plan on taking it up.