More and more people are deciding to become self employed and go freelance. The last few years have been tough economically. The fall out from the banking crisis has forced many people to rethink their profession and career path. Armed with a redundancy payout or faced by big changes in their working life, they take the plunge and set up as a sole trader. It’s hugely challenging, but rewarding and exciting too.
No matter what kind of services someone is providing they need to make sure they have solid foundations in place and that they’ve ticked all the right boxes to work legally and safely. Self employed people need to change their tax status for starters and then also need to think about choosing an indemnity insurance policy to cover their new business and the work that they do.
Being self employed means freedom, but it means additional responsibilities and there’s no corporate safety net either. Things can and do go wrong with customers. If they were to sue for any reason then it’s vital to have professional indemnity insurance in place to cover any issue.
There are plenty of different policies out there, so new freelancers need to think carefully about the level of cover that they need and what they want from their insurance provider. The Internet makes it faster and easier to compare different policies and to find the most suitable package for each person and business.
Not all policies are the same. The cheapest cover might not necessarily be the right cover. It pays to talk to experts who can help match people to the right policy. With cover in place they can relax safe in the knowledge that should anything go wrong it won’t do lasting harm to their business and reputation. It’s essential cover in any line of freelance work.
