Anyone working as a freelancer here? Do you have liability insurance regarding your work? Why?/Why not?
I joined a little contact whorehouse for my side gig and I pay like 10% of my invoices and get insurance and tax and payment processing. It’s cheaper than ADP so I’m happy.
Every client I’ve ever had in the UK has required my service company to have indemnity insurance.
It’s even more important if you’re a sole trader because your liability is not limited. If you royally screw something up and get sued, all your assets are on the line.
Indemnity insurance covers you to a certain amount (usually 1,5, or 10 million). And working through a limited company further limits you to losing only what’s in the company, not your personal assets like your home.
I have to, my professional membership requires me to.
Where I am it’s required by law, but it only costs about €30 per month
I can’t afford it, so I don’t have any insurance.
Some clients require it.
No, but I do graphics and marketing. Having properly worded contracts is good enough CYA.