Self-employed insurance refers to a collection of business insurance policies tailored for individuals who work for themselves. This includes sole traders, freelancers, consultants, and contractors across various industries.

These policies are designed to protect self-employed professionals from potential risks that could impact their business, finances, or reputation. Common types of cover include public liability insurance, professional indemnity insurance, and income protection, among others.

By having self-employed insurance, you can safeguard your business against unexpected costs, such as legal claims, accidents, or loss of income, ensuring peace of mind while you focus on growing your venture.

You're not legally required to have any form of self-employed insurance unless you have staff. But even if you work alone, it’s strongly recommended.

Without insurance, you’d be responsible for any costs associated with accidents, injuries, reputational damage, negligence or property damage that occur as a result of your business activities. This could lead to significant financial losses that could potentially put your business and personal finances at risk.

Overall, self-employed insurance can provide financial protection for individuals who have no employer to fall back on if something goes wrong. It's important to carefully evaluate your risks and choose the right covers to protect your business and assets.

The cost of self-employed insurance depends on the type of policies needed, the level of cover required and the size of the business, alongside other factors. 

For example, the more employees you have the higher the risk that one of them could be injured in work. Or maybe the type of work you do carries a greater risk to the public – scaffolders and other trades will likely be exposed to more risky environments than copywriters, for example.

The amount of cover you take, and the excess you're prepared to pay, can also influence the overall cost. It's important you pay for the cover you need – too much can mean you're paying more than you need to, and too little cover can mean the policy isn't fit for purpose. If you have any questions, speak to the insurance provider.