Do You Need A Business Insurance Policy?

Business Insurance Needs

If you own a business, no matter the size, you know that you need to invest in business insurance policies. However, there are many people that are not quite sure if their hobby or side business requires coverage from a business insurance policy. Some of the most common people who need business insurance but don’t know it include:

  • Freelancers – if you work remotely for many different companies and make more than $400 a year, you are not only subject to self-employment taxes, but you will also need a business insurance policy. If you do not meet your deadline, or you give unreasonable advice, your clients can sue you. A business insurance policy can help to make sure that you are covered.
  • Rideshare drivers – while most ridesharing companies will provide coverage for their drivers while they have someone in the car, they will not provide coverage when the driver is waiting for a service request. Since you are using your car for business purposes, your personal auto insurance policy will also not provide any coverage. investing in a commercial auto insurance policy can help to keep you properly protected while on the road.
  • Independent contractor – much like a freelancer, independent contractors can work for many different companies. No matter if you are an independent financial consultant or hairstylist who rents a booth at a salon, you will need to invest in a general liability insurance policy to ensure that you are covered from any harm that you may cause. You may also want to consider an errors and omissions insurance policy to cover a lawsuit if you provided subpar work.

For more information about who needs business insurance and for all of your commercial insurance needs, contact ISU Wissink Insurance in Culver City, California.