Chapter 2: Building Your Business Protection Blueprint
Part 1: Basic Insurance Needs for Independent Architecture, Engineering, and Design Contractors
As a freelance consultant or independent contractor in a design field, your small business insurance needs will be different those of a larger design firm. Generally speaking, they'll be lower, because your projects will be smaller and you don't have to worry about employee insurance, such as Workers' Compensation Insurance.
But there are a few fundamental policies small-business owners of all walks must carry:
Of course, your engineering, architecture, or design practice's insurance exact needs will depend on a variety of factors, including your…
- Total billings.
- Use of contracts.
- Specializations and services.
- Project requirements.
- Contract requirements.
Over the next several sections, we'll take an in-depth look at the building blocks of a freelance design professional's business insurance plan.
Usually, you are legally obligated to carry Workers' Comp once you hire employees.
NEXT: General Liability Insurance: Your Design Business's First Line of Liability Defense