Insurance For The Gig Economy Is A Must – 10 Reasons Why

10 Reasons Why Insurance Is Vital In The Gig Economy

Insuring your business is important, especially if you’re a freelancer or a contractor. Assuming your business is too small to need insurance is a mistake. You might actually need it more than the larger businesses. If you’re part of the gig economy, you need to protect yourself and your business for the following reasons.

  1. Protect against professional mistakes

Anyone can make a professional mistake – or be accused of making one. From negligence to libel, professional indemnity insurance can make sure that if you do make a mistake, you’ll be able to cover legal fees and any reparations that you might be asked to pay.

  1. Avoid data and technology problems

In the modern world, problems with technology and digital data can be deadly to your business. Avoid damaging your business reputation and losing money by having public liability insurance and cyber breach response. You need protection if you ever experience a cybersecurity problem.

  1. Prepare for injuries to the public

If you work with the public in any way, public liability insurance can protect you if they are injured. You could be held responsible if someone hurts themselves and they think it was your fault. Customers, clients, visitors and anyone else could blame your business for an injury.

  1. Protect other people’s property

If someone blames your business for their property being damaged or going missing, you could spend a lot on legal fees and compensation. Public liability insurance also helps to cover these costs.


  1. Business continuity

What will happen if you’re unable to use your usual business premises or you can no longer get the services you need? Get insurance for business interruption and you won’t have to worry about this kind of thing. You’ll have your costs covered until things get back to normal.

  1. Pay for premises damage

If you rent or even own an office space, you don’t want to have to pay for any repairs when it’s not your fault. Make sure you insure your space so that if there’s any damage, you can cover the expense of repairing it.

  1. Protect your business assets/building contents

You also need to look after all the furniture, equipment, tech or anything else you use for your business. Even if you work from home or a shared space, you want to protect your things. In fact, it’s especially useful to cover your items if you use a shared space.

  1. Be Prepared for injuring yourself

It’s not just other people who could hurt themselves on your premises. If you were to get hurt and perhaps could no longer work, what would you do? With personal accident insurance, you can get financial help.

  1.  Comply with the law

Even as a freelancer or contractor, you can still employ other people. If you employ staff, you are obligated to meet all legal requirements – including having employers liability insurance.

  1. Protect your employees

Employers liability isn’t just a legal requirement. It protects you and your employees by covering health and safety, illness and more.

To find out more about insurance options in the gig economy or get a quote, click here.

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