If you work from home, it can be difficult to find a professional insurance policy that meets your needs. Most consultants like you provide a wide variety of services within your field of expertise. Although your clients appreciate your flexibility, offering a broad service set can increase your exposure to liability. That’s why it’s so important that you find a policy specific enough for your business model, yet broad enough to cover most or all of the things you do.
The great news is that it’s easier than ever to get started as an online entrepreneur. The problem is that many freelancers who find success online fail to assess the risk with their line of work.
Let’s take a look at risk factors associated with what you do.
Have you considered the following risks? If not, it’s time you gave them some thought.
Professional Services Coverage
If you’re a freelancer, most of your revenue is dependent upon providing professional services to the client. Such services may involve: marketing, sales, finance, accounting, information technology, or other disciplines. Regardless of the service you provide, it’s important to have a policy that covers damage and claim expenses should you be be accused of rendering (or failing to render) professional services. Professional Services Coverage is typically the foundation of any home-based consulting policy, as it provides a broad umbrella of coverage for errors and omissions liability.
Disciplinary Proceedings Coverage
In addition, your policy should also pay for any legal expenses and lost wages incurred during your defense. If a client or third party sought damages, how would you avoid financial ruin? Having a policy that helps offset this cost is extremely important to your company’s viability.
Personal Injury Coverage
If you work from home, it may be unlikely that you could physically harm someone. However, it is more likely that you could be accused of defamation, slander, libel, or some other intangible harm. A good freelancer liability policy would cover any damages and expenses resulting from such claims.
Technology Professional Coverage
Marketers and IT professionals are involved with many cloud-based and server-based systems. Email hosting, data storage, website content management systems, and other applications present risks of hacking or data loss. Protecting your business from technology-related claims is becoming increasingly more important in our wireless world.
We help home-based businesses, freelancers, and entrepreneurs find the liability policies that are right for their needs. We have clients who work on freelancing marketplaces. Our office is based in Rockport, Indiana, which is in Southwest Indiana. For nearly two decades, we’ve serviced hundreds of businesses and families throughout the country.
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