Many parts of the UK have experienced an increase in the number of self employed professionals working from the comfort of their homes. It’s only normal to be curious to know why women prefer joining the ranks of stay-at-home moms. If you were a mother, you wouldn’t be asking this silly question. What determines more and more moms to become self employed business owners is the fact that they are able to spend a considerable amount of time with their children. Basically, they don’t  have to struggle to balance work and personal life.

This is something that you know very well. After years of working in the construction industry, you’ve decided to become a self employed builder. You love swinging the sledgehammer and driving nails, but you want to have the freedom to choose when and where to work. Even though it’s a man’s world, you don’t worry that you won’t find construction work. You’ve got all the necessary qualifications, not to mention that former clients speak highly of you.

When you become a self-employed business owner, the array of potential issues can be overwhelming to say the very least. One thing you need to think about is self employed insurance. Chances are that this hasn’t even crossed your mind. Now you work on your own and you need business insurance. This article reveals how you can get a quality business insurance policy. We feel confident that  it will prove useful.

Determine what kind of self employed insurance plan you need

Being your own boss is no longer a dream for you, it’s a reality. You have the flexibility and freedom that you’ve been longing for. You’re running a construction business from home, so you naturally assume that homeowner’s insurance is enough. Well, it isn’t. When you’re a self employed business owner, you need an insurance policy that meets your specific requirements. There are many types of covers that you can take out. Let’s take a look at the most important ones.

· Public liability insurance

Pubic liability insurance ensures financial protection in the case of personal injury claims. Imagine the following situation: Someone comes to your office to discuss their requirements, and they hurt themselves. You are the one who will have to pay the medical bills and support other expenses related to the incident. If the case goes to court and you’re sued for damages, the policy will cover the costs. Do you really need public liability insurance? What you have to understand is that when you’re self employed mom, you’re vulnerable to lawsuits. The business structure doesn’t provide you the protection you need.

· Equipment insurance

When going self employed in the construction industry, you have to seek out reliable suppliers. You have a hammer and nails. Having worked as a labourer, you know that it’s necessary to have so much more, like screwdrivers, power tools, and screws. Taking into consideration that equipment is your business’s most important asset, you should have it insured. What do you do if it gets lost or wears down? The answer is simple: you replace the gear and tools, and that costs money. And you won’t be able to do your job. Having an insurance policy in place will set your mind at ease. Consider an insurance provider like TradeRisk. 

· Employer’s liability insurance

At some point, you will want to expand your construction business. When you have a team, you can achieve more things. Plus, you can spend more time with your family. When you do recruit employees, whether it’s right away or later on, get employer’s liability insurance. It will come in handy when an unhappy employee sues you. This type of business insurance isn’t an option, it’s a necessity. You’re not exempted from the UK legislation.   

There are other types of business insurance you might need, but we aren’t going to talk about them here.

What self employed insurance policy do you really need?  

Examining your business is the only way to figure out what are your insurance coverage needs. Answering these questions will help you determine which of the abovementioned insurance policies is right for you:

• Do you use your home as a base?
• Do you plan to hire help?
• Do you use computer equipment?

It should have been obvious from what was discussed before that you have to closely examine your situation.

Compare quotes from leading self employed insurance providers  

As surprising as it may seem, it’s possible to save money when you buy self employed insurance. There are many insurers on the market, most of them offering competitive prices. To make sure that you are getting the best deal, compare self employed insurance quotes. The Internet can help you in this situation. Just as there are many insurance providers, there are many websites that help you compare quotes. In order to compare prices, it’s necessary to answer a series of questions about your business. In short time, you receive a handful of quotes. Go over the details carefully and make a decision.

Being a self employed builder

Running a business from home isn’t as easy as you may think. The best thing you can do at the moment is contact a business insurance provider and make your intensions clear. They might be able to lower the premium on your insurance. In addition to insurance, it’s necessary to pay business rates. You’re using the property for business purposes, so even if customers do not come and go all day long, you’re subject to business rates. The extent of the use doesn’t matter, really.

On the basis of the points mentioned above, it can be concluded that taking the self employed route is no easy thing. There are plenty of considerations to make, business insurance being one of the most significant ones. By taking out an insurance policy, you’re only helping your home-based business. you have made great efforts to become a self employed mother and now that you’ve undertaken such a venture,  you have to deal with the financial issues.