Self employment insurance is essential for all those individuals who own and manage their own business. It is a kind of shield that protects you from all types of legal and financial liabilities that can occur in your organization and affect you adversely. There are a variety of insurance plans available for the self employed.
Let’s take a look at a few important ones:
Liability insurance - If any one of your employees gets injured or dies while working in your organization, then you are legally liable to provide financial assistance to him and to his dependents. This insurance plan protects you against this kind of liability.
Disability insurance - This insurance plan provides regular income to an employee who injures himself and becomes disabled, either temporarily or permanently, while working in your company.
Key employee insurance - Small enterprises have a limited number of employees and almost all of them play a significant role in the organization. Their absence cripples the entire system. Key employee insurance plan protect your business against the loss of an employee who is critical for your enterprise.
Employment practices liability insurance - At times, the employees stand up against the business owner, with a claim that the latter has violated their legal rights. This self employment insurance plan will protect against all the unlawful claims put forth by the employees like breach of contract, sexual harassment, discrimination, mismanagement, wrongful disciplinary action, and so forth.
Business interruption insurance - Due to natural and man-made disasters like theft, fire, flood, earthquake, tornado, hurricane and so on, you may be compelled to shut your enterprise for a few days or months. Under such circumstances, you would have to bear the brunt of huge financial losses. Business interruption insurance is unique plan that have the ability to protect you from these kinds of losses.
In addition to these, property insurance, social security program, unemployment insurance, workers’ compensation insurance and health insurance are other important self employment insurance plans that should not be overlooked.
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