Freelancers come from many types of professions, from business consultants to graphic designers to personal trainers, just to name a few. That's why there's no one-size-fits-all approach to freelance insurance. Fortunately, there are many coverage types that can address potential problems.
A business owners policy (BOP) is a good place to start. BOP insurance usually includes general liability insurance, business property insurance, business interruption insurance and other customizable coverages.
Basic freelance insurance
Freelance liability insurance covers a business against property damage and injury lawsuits. For example, if a client trips and hurts themselves in your office space or you accidentally damage someone else's property while working.
This helps cover expenses if a problem covered by the policy forces you to temporarily close or relocate. Problems typically covered include vandalism, theft and fires. This coverage can also help replace business income that was lost.
This covers your building and/or its contents from damage covered by the insurance policy, like theft or fire. Contents can include office furniture, computers and other equipment to run your business. Signs and outdoor fences are also typically included.
Additional freelance insurance options
Depending on your profession, there are may be other coverage types you need. Here are some common ones.
Commercial auto insurance
If you're using a vehicle for business, such as driving to job sites or client meetings, a personal auto insurance policy likely won't cover any accidents that happen while working.
Equipment breakdown insurance
If your business relies on equipment like cameras or computers, this coverage helps with the cost to repair or replace broken equipment. It can also help replace some lost income if broken equipment interrupts business.
Errors and omissions insurance
Helps cover the costs of a legal defense, settlements and judgments if clients say that you didn't provide an expected or promised service. For example, if a client says you did shoddy work or gave them bad advice.