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Why do freelancers need insurance?
Freelancers enjoy freedom and flexibility, but don't have an employer to protect them from a lawsuit. They also might have fewer assets to draw upon during an emergency. Business insurance gives you peace of mind and helps pay for costly legal fees, property repairs, and medical expenses.
What types of business insurance do freelancers need?
These insurance policies cover common risks faced by freelancers.
General liability insurance
General liability insurance covers the cost of third-party accidents, such as a client who trips and suffers a bodily injury at a freelancer's home office. It may be required for a commercial lease.
BEST FOR
- Slip-and-fall accidents
- Accidents that damage client property
- Copyright infringement and other advertising injuries
Professional liability insurance
This freelance liability insurance covers legal costs when your mistake or oversight negatively affects a client. It's sometimes referred to as errors and omissions insurance (E&O).
BEST FOR
- Mistakes that cause a client to lose money
- Missed deadlines
- Accusations of negligence
Workers’ compensation insurance
Workers’ compensation insurance shields freelancers from work-related medical bills that personal health coverage might deny.
BEST FOR
- Work-related medical expenses
- Disability benefits
- Lost income
Cyber insurance
Cyber insurance helps freelancers recover financially from data breaches and cyberattacks. It's strongly recommended for any small business that stores personal information.
BEST FOR
- Data breach notification costs
- Data breach investigations
- PR costs for reputational harm
Errors and omissions insurance
E&O insurance protects full-time and part-time freelancers from financial losses related to mistakes and oversights. It's sometimes referred to as professional liability insurance.
BEST FOR
- Errors that cause a client to lose money
- Accusations of negligence
- Missed deadlines
Commercial auto insurance
This policy covers costs when a freelancer's business vehicle is involved in an accident. Each state has its own requirements for auto liability insurance.
BEST FOR
- Auto accident injuries
- Property damage caused by your vehicle
- Vehicle theft and vandalism
Looking for different coverage? See more policies.
How much does freelance business insurance cost?
Freelancers often qualify for discounts on business insurance. Factors that affect your premium include your profession, business location, and the policy's limits and deductible.
Here are the average costs for top insurance policies sold by Insureon:
General liability insurance: $42 per month
Professional liability: $61 per month
Workers' comp: $45 per month
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State insurance requirements
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Common questions about business insurance for freelancers
Get answers to FAQs about freelancer insurance.
Why is business insurance important for freelancers?
There are several important reasons for freelancers, independent contractors, sole proprietors, and other self-employed individuals to carry insurance:
You may need insurance coverage for contracts, loans, and leases. Clients, lenders, and landlords may require you to carry insurance to protect themselves against potential losses. In some cases, they may ask you to list them as an additional insured on your policy.
Some freelancer platforms require insurance. Marketplaces like Fiverr and Upwork sometimes require freelancer insurance before you can list your services. On Fiverr, you need sufficient general liability insurance to cover the most common risks for the type of service you offer. Upwork states that you need to "obtain any liability, health, workers' compensation, disability, unemployment, or other insurance needed, desired, or required by law."
You may need insurance to comply with the law. Depending on the laws in your state, you may need coverage for a business-owned vehicle, to obtain a license in your field, or to protect against work-related injuries.
You gain client trust by being insured. Even when it's not required, a certificate of insurance proves that your business can handle the cost of a lawsuit or accident. This helps attract clients and can give freelancers an edge over their competitors.
Insurance protects your business from catastrophic losses. Business insurance covers out-of-pocket costs from customer accidents, fires, and other incidents. Keep in mind that homeowner’s insurance and personal health insurance might not cover business-related claims.
How do I get a certificate of insurance?
With Insureon, you can get usually get a certificate of insurance on the same day that you apply for quotes. It’s a simple three-step process:
- Fill out our easy online application.
- Compare free quotes from top-rated insurance providers.
- Buy a policy and download a certificate of insurance.
A certificate of insurance will outline all your coverage options, such as policy limits, deductibles, and any endorsements. It serves as proof of insurance for clients, landlords, lenders, and anyone else who asks whether your business is insured.
How can I save money on business insurance?
Insurance is usually affordable for freelancers and small businesses in low-risk industries. There are a few ways to find cheaper insurance:
Compare quotes. With Insureon, you will instantly get multiple free online quotes from leading insurance companies. Compare insurance options from different providers and consult with our agents to make sure you're not paying too much for insurance while getting what's best for your freelance business.
Bundle policies. Many small business owners buy general liability coverage and commercial property insurance together in a business owner's policy, which costs less than purchasing each policy separately. It's sometimes possible to bundle other insurance options as well, depending on your profession.
Choose the right policy limits and payment plan. You can customize your insurance policy to save money, such as by choosing a higher deductible or lower policy limits. Pay the full annual premium if you can, as it often costs less than the monthly premiums.
Avoid claims. Finally, take steps to reduce your business's risks. Clear communication with clients can help you avoid lawsuits, which helps keep your premiums low.
Does my profession affect what type of insurance I need?
Yes, the type of gig and freelance work you do affects which insurance policies you need.
For example, the law in several states requires workers' comp coverage for construction contractors, even if they work alone, due to the high risk of injury. In some states, real estate agents and brokers are required to carry errors and omissions insurance. Plumbers and electricians may need a general liability insurance policy to obtain a license.
Your insurance should always match the risks of your profession. For example, freelance computer technicians and other tech professionals should invest in tech E&O to protect against specific cyber risks. A freelance writer might need media liability insurance to cover claims of libel or plagiarism.
Additionally, freelance makeup artists, freelance videographers, and other freelancers who travel with business products or equipment should consider inland marine insurance, which protects your business property wherever you take it.
You may need to do a little research to find out which type of coverage your business needs, or simply ask a licensed insurance agent.