Why separate insurance?  |   How-and how much?  |   Coverage of business property
Civil liability  |   Additional guarantees and riders  |   Taking work on the road

Self Employed Workers - How-and how much?

Many insurers have introduced self-employment insurance policies in response to a growing demand for products better tailored to the needs of this category of workers. Since coverage can vary considerably from one insurer to the next, it's important to shop around!

• A self-employment policy is basically a product that effectively covers what self-employed workers need, but home & property policies don't provide. It's usually divided into three sections: property insurance, civil liability, and additional guarantees and riders.
• It's relatively easy to purchase self-employment insurance. Generally, all you need is a home & property policy and a home business. Most companies add self-employment to your home policy as a series of riders. Some insurers, however, offer a separate policy.
• And the premium? Generally speaking, premiums are based on the nature of the risk and the type of business you run. That's why it's so important to clearly describe all aspects of your business activities to your insurer.
• For example, you'll surely agree that the level of risk is much different if you travel to meet your customers rather than meeting them in your home office. The same can be said of a computer specialist's activities versus an auto mechanic's. To determine whether the premium offered is suitable, you have to clearly define your activities, the value of your property, and the amount of coverage offered.
• There are a number of ways to reduce your premium. To start with, make a realistic declaration of your property and activities. Need more examples? Install a security system in your home, keep your valuable documents in a safe, and ensure proper upkeep of the premises. All these steps will help you keep your premium low!
• For most self-employment policies, the deductible can vary from $250 to $500. Your premium will vary according to the deductible chosen.