How do I save money on business insurance?
If you don’t work the whole year, then why pay for insurance for the whole year?
Traditional liability insurance requires that you buy an annual policy, regardless of how much you will be working that year. You select a policy based on an approximation of the type of work you’ll be doing for the year. If there’s a long period when you aren’t working, you can either keep paying for insurance you aren’t using or try to cancel your policy and wait ages for a refund. On top of that, for each new contract, you have to pay a fee to get a certificate of insurance for your client.
Does any part of that sound logical?
Instead, how about a policy for a single project, catered to the needs and time-frame of that contract? Pay for it before the project starts, get a COI for free and then forget about it until your next project.
Since each policy is tailored to the contract, you pay only for the coverage you need and you’re covered for everything you need. Nothing is superfluous and nothing is left out. Pay when you work and don’t pay when you don’t.
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