public liability insurance self employed
If You Are Self Employed Do You Need Insurance?
Are you Self Employed? Are you just starting up in business being Self Employed?
Having Self Employed status means you are running a business. No matter how small you think it might be, you need to have insurance for it. There are always risks in business no matter what a businesses size and insurance is an important consideration.
Why might you need to have insurance?
There are many different examples of why you might need insurance. For example, let’s say you are a Self Employed Electrician working in someone’s home. You could accidentally leave some equipment lying around, someone living in the house might trip over the equipment and injure themselves.
That person could make a claim because they were injured due to your negligence. You could then be liable to pay them a large claim. If you were covered by Business Insurance and more specifically Public Liability Insurance your insurance would cover the cost of the claim.
On the other hand you might have completely different working practices from an Electrician, you might be a Consultant who gives advice to clients. As a Consultant you will need to have Professional Indemnity Insurance which protects you if you give advice to clients which causes them to suffer a financial loss in some way.
For example, you could be a Self Employed Accountant who gives advice to other businesses about their finances. If you give advice to another person that causes them to suffer a financial loss you could be liable if they make a claim for that loss. If you had Professional Indemnity Insurance your insurance would usually cover the cost of that claim.
One of the best ways to get insurance for your business whatever it is to compare quotes. By comparing quotes you can look at various Self Employed insurance cover options side by side and choose the one that meets your needs the best.
Anyone out there can give sound advice on becoming self employed as a Carpenter/Joiner?
My other half has just started working on his own as a Joiner/Carpenter and he is on to his 2nd Loft Conversion/Kitchen Extension. I heard that he would probably need Public Liability Insurance and that started me thinking that he may need other things that we do not know about. I have visited a couple of sites but to be quite honest with you it is just a load of gobbleygook to me VAT and all that. Can someone point me in the rightdirection for a site or by experience to explain all that is required in Laymen terms. Thanks
presuming your are in the UK
your partner can visit your local Business Gateway and get lots of info ,and advice for free
depending on his age and other things, he may also get a grant for
tools etc
Business Gateway also offer workshops on VAT, business plan, handling finance, marketing,registering the business etc etc
My husband is in the first stages of becoming self employed and their service has been invaluable to him
www.bgateway.co.uk
hope that helps a bit
Toromont Announces Results for Second Quarter 2010 and Raises Dividend TORONTO, ONTARIO – (Marketwire – 08/12/10) – Toromont Industries Ltd. (TSX: TIH – News ) Announced today its financial results for the three and six months ended 30 June 2010. ————————————————– ————————- Three months ended 30 June Six 30 months June ———- ———————————— — —— $ million, except per share amounts in …