Every Insurance Needed for the Self-Employed

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Every Insurance Needed for the Self-Employed

Health Insurance

Example: A freelancer purchasing a health insurance plan to cover medical expenses.

Disability Insurance

Example: A self-employed consultant buying disability insurance to protect against income loss due to illness or injury.

Liability Insurance

Example: A self-employed photographer obtaining liability insurance to protect against claims of property damage or personal injury caused during a photo shoot.

Professional Liability Insurance

Example: An independent financial advisor taking professional liability insurance to cover claims related to negligence or errors in their professional advice.

Home-Based Business Insurance

Example: A graphic designer working from home purchasing home-based business insurance to cover business equipment and liability issues not covered by homeowner’s insurance.

Life Insurance

Example: A self-employed individual buying life insurance to provide financial security for their family in case of their untimely death.

Business Owner’s Policy (BOP)

Example: A small business owner combines property and liability insurance in a BOP for comprehensive coverage.

Workers’ Compensation Insurance

Example: Required if you have employees to cover injuries or illnesses that occur as a result of their job.

Commercial Auto Insurance

Example: A freelance delivery driver acquiring commercial auto insurance to cover the vehicle used for business purposes.

Cyber Liability Insurance

Example: An IT consultant purchasing cyber liability insurance to protect against data breaches and cyber-attacks.

Unemployment Insurance

Example: In some cases, self-employed individuals may opt for this to cover periods of involuntary unemployment.

Insurance For Self-Employed

Insurance Comparison for Self-Employed

Insurance TypeCoverage FocusKey Benefit
Health InsuranceMedical expensesCovers medical and hospitalization costs
Disability InsuranceIncome protectionProvides income during disability
Liability InsuranceThird-party claimsProtects against legal claims for damages
Professional LiabilityProfessional errorsCovers claims from professional advice
Home-Based BusinessHome officeCovers business assets and liabilities at home
Life InsuranceFamily securityFinancial support for family after death
Business Owner’s PolicyComprehensive businessBundles property and liability insurance
Workers’ CompensationEmployee injuriesCovers job-related employee injuries
Commercial AutoBusiness vehiclesInsurance for vehicles used for business
Cyber LiabilityData breachProtects against cyber threats and data loss
Unemployment InsuranceJob lossCoverage for periods of unemployment


Selecting the right insurance types is crucial for self-employed individuals to protect their health, income, and business. Each insurance type offers specific benefits, catering to different aspects of personal and professional risk. Assessing personal needs and business risks is key in choosing the most appropriate coverage. For a comprehensive review of your insurance needs and a free quote, contact us today.

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Frequently Asked Questions

What insurance does the self-employed use?

For self-employed entrepreneurs, a Business Owners Policy (BOP) is the ideal starting point for any comprehensive insurance plan. Not only does it include three essential coverage types (general liability insurance, commercial property insurance, and business interruption insurance), but it’s also more cost-effective than purchasing each type of coverage separately.

Do I need insurance if I am self-employed?

Employers’ liability insurance may be unnecessary if you work as an independent contractor. However, other types of coverage might prove invaluable; thus, it is essential to consider taking out public liability, product liability, or professional indemnity insurance policies.

Do self-employed pay employment insurance?

Starting the year you sign up, your premiums will be based on your self-employed income for the entire calendar year. The rate is $1.63 per every $100 earned and caps off at a maximum of $1,002.45 in 2023 if you’re from anywhere else other than Quebec; however, those residing in Quebec have it slightly easier with only needing to pay out an amount of no more than$781.05 for each corresponding yearly period ending in 2023!

What is income proof for self-employed insurance?

To provide proof of income, you may need to submit a combination of documents, such as your latest tax returns, payslips from an employer (for public sector workers), and recent employment letter contracts. A CA’s certificate demonstrating the past three years’ earnings will likely be essential if self-employed or salaried. In addition, the insurer may require other standard documentation for further verification.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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