Top 5 Public Liability Insurance Options for the Self Employed

Charlotte Baroukh

Tax Expert @ Pie

4 min read

Importance of Liability Insurance for the Self-Employed

While being self-employed provides a number of benefits, it also comes with some considerable risk. As an employee, any accidents or mistakes on the job are dealt with by your employer. When you are self-employed, the onus falls directly on your shoulders. Comprehensive public liability insurance protects you from the kind of financial payouts that could send you to bankruptcy.

Being able to tell potential clients that you have public liability insurance can also be a strong selling point and is bound to provide you access to work you would otherwise be frozen out of. The additional work you are able to secure because you have public liability coverage could go a long way toward defraying the cost of the coverage.

Choosing the right liability insurance involves understanding the specific risks associated with your profession and selecting a policy that provides adequate coverage. The Pie Tax App can help you navigate the complexities of insurance options and ensure you get the best coverage for your needs.

Types of Liability Insurance

There are several types of liability insurance tailored for different professional needs. General liability insurance covers basic risks such as personal injury and property damage. Professional liability insurance, also known as indemnity insurance, protects against claims of professional negligence. Finally, product liability insurance covers damages caused by products sold or supplied by the business.

Coverage and Benefits

Liability insurance provides comprehensive coverage for legal fees, settlements, and compensation claims. It also covers costs related to defending against lawsuits, even if the claims are unfounded. Additionally, having liability insurance demonstrates professionalism and financial responsibility, which can attract more clients and business opportunities.

Key Insurance Statistic

75% of self-employed professionals reported feeling more secure with liability insurance. This coverage offers peace of mind, knowing they are protected against unforeseen legal and financial risks and possible liabilities.

Growing Demand for Insurance

The number of self-employed individuals seeking liability insurance has increased by 40% in the past five years. This trend highlights the growing awareness of the importance of financial protection among independent workers.

The Top 5 Public Liability Insurance Options

Hiscox

The Hiscox Group have been around for more than a century and have a presence in more than a dozen countries. Notably for our purposes, they offer customisable public liability policies that can be tailored to meet the unique needs of the self-employed.

AXA

Hiscox have nothing on AXA which was founded nearly 200 years ago and now have some 14,000 employees. But size wouldn't mean anything if the company did not offer useful, affordable public liability coverage to the self-employed. Which they do.

Tradesman Saver

Tradesman Saver is a specialised insurance provider that deals extensively with self-coverage tailored providing personsemployed designed to address the specific needs of each trade.

Aviva

Aviva is probably not a name that springs immediately to mind when talk turns to companies that offer public liability to the self-employed. But it should. The variety and scope of their public liability products is impressive, and while they don't specialise in dealing with the self-employed, they haven't forgotten them either.

Simply Business

Simply Business is not an insurance company, but rather a broker that works with a wide variety of insurance providers. They are adept at finding effective, affordable public liability insurance for small businesses.

Expert Advice on Liability Insurance

When considering liability insurance, it's essential to thoroughly assess your business risks and coverage needs. Start by listing potential liabilities and the financial impact they could have on your business. This assessment will help you determine the necessary coverage limits and policy features.

Consulting with an experienced insurance advisor can provide valuable insights and recommendations tailored to your specific situation. They can help you understand policy terms, compare different options, and ensure you get the best value for your investment. The Pie Tax App offers access to expert tax assistants who can guide you through this process and help you make informed decisions.

Key Considerations

When choosing liability insurance, consider the scope of coverage provided by different policies. Ensure that the policy covers all potential risks associated with your profession. Additionally, pay attention to the exclusions and limitations outlined in the policy to avoid any surprises in the event of a claim.

Another critical consideration is the reputation and financial stability of the insurance provider. Opt for a provider with a strong track record of handling claims efficiently and fairly. This ensures that you will receive the support you need when it matters most.

Tailoring Your Policy

Customising your liability insurance policy to fit your specific needs is crucial for optimal protection. Work with your insurance advisor to adjust coverage limits and add endorsements that address unique risks related to your profession. This personalised approach ensures that you are adequately protected against potential liabilities.

Regularly reviewing and updating your policy is also essential. As your business grows and evolves, your insurance needs may change. Stay in touch with your insurance advisor to make necessary adjustments and keep your coverage up to date.

Conclusion

Liability insurance is a vital component of financial planning for self-employed professionals. It provides protection against various legal and financial risks, ensuring that your business remains secure and sustainable. By choosing the right policy and customising it to fit your specific needs, you can achieve comprehensive coverage and peace of mind.

The Pie Tax App can help you navigate the complexities of liability insurance and connect you with expert advisors. These professionals provide valuable guidance and support, helping you make informed decisions and manage your financial risks effectively. With the right insurance and expert advice, you can focus on growing your business with confidence. The Pie Tax App is completely free to use, find out what features are included here:

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Frequently Asked Questions

What is liability insurance?

Liability insurance is a type of coverage that protects businesses and individuals from financial loss due to claims of negligence, personal injury, or property damage. It covers legal fees, settlements, and compensation costs.

Why do self-employed professionals need liability insurance?

Self-employed professionals need liability insurance to protect themselves from financial risks associated with legal claims. Without employer-provided coverage, they must secure their own insurance to avoid personal liability for legal fees and compensation costs.

Why is public liability insurance important for the self-employed?

Public liability insurance is crucial for self-employed individuals because it mitigates the financial risk associated with accidents or damages that may occur while conducting business. It provides peace of mind, allowing you to focus on your work without the constant worry of potential claims.

What types of liability insurance are available?

There are several types of liability insurance, including general liability, professional liability, and product liability insurance. Each type covers different risks and is tailored to specific professional needs.

Is public liability insurance mandatory for self-employed individuals?

Public liability insurance is not legally required in most cases, but it is highly recommended, especially for businesses that interact with clients or the public. Some clients may even require proof of coverage before engaging your services.

How is Pie different?

Pie is the only app that handles multiple income streams and helpful advice when you need it.

Save £830 per year vs Quickbooks + Accountant

Return

Refund

We don't charge commission

Fees

Mobile App

MTD

Real Time Tax figure

Bookkeeping

Receipt reconciliation

Open banking integration

Multiple incomes / accounts

Direct HMRC submission

Invoicing

Tax support and advice *

Return checks

We do it for you

Free

£7.50 per month

£59

£126

Quickbooks

(Simple start)

£230

per year

Taxfix

£249

per year

£349 per year

£249

Accountant

£600 avg

per year

FREE

10 Features

Mobile App

MTD

Real Time Tax figure

Bookkeeping

Receipt reconciliation

Open banking integration

Multiple incomes / accounts

Direct HMRC submission

Invoicing

Tax support and advice *

£7.50 per month

Return checks

£59

We do it for you

£126

Quickbooks

£230

per year

7 features

Taxfix

£249

per year

4 features

Accountant

£600

avg per year

5 features

Top 5 Public Liability Insurance Options for the Self Employed

Importance of Liability Insurance for the Self-Employed

Types of Liability Insurance

Coverage and Benefits

Key Insurance Statistic

Growing Demand for Insurance

The Top 5 Public Liability Insurance Options

Expert Advice on Liability Insurance

Key Considerations

Tailoring Your Policy

Conclusion

How is Pie different?

Pie is the only app that handles multiple income streams and helpful advice when you need it.

Save £830 per year vs Quickbooks + Accountant

FREE

£230

£249

£600

MTD is Free with Pie

Frequently Asked Questions

What is liability insurance?

Why do self-employed professionals need liability insurance?

Why is public liability insurance important for the self-employed?

What types of liability insurance are available?

Is public liability insurance mandatory for self-employed individuals?

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Top 5 Public Liability Insurance Options for the Self Employed

Importance of Liability Insurance for the Self-Employed

Types of Liability Insurance

Coverage and Benefits

Key Insurance Statistic

Growing Demand for Insurance

The Top 5 Public Liability Insurance Options

Expert Advice on Liability Insurance

Key Considerations

Tailoring Your Policy

Conclusion

How is Pie different?

Pie is the only app that handles multiple income streams and helpful advice when you need it.

Save £830 per year vs Quickbooks + Accountant

FREE

£230

£249

£600

MTD is Free with Pie

Frequently Asked Questions

What is liability insurance?

Why do self-employed professionals need liability insurance?

Why is public liability insurance important for the self-employed?

What types of liability insurance are available?

Is public liability insurance mandatory for self-employed individuals?